News India Live, Digital Desk: The Reserve Bank of India (RBI) has conducted the largest open market operation (OMO) so far in this financial year to increase liquidity. Under this, cash worth about Rs 6.6 lakh crore has been injected into the market. Despite this, interest rates on government bonds and other investment instruments are not falling as expected. In the latest report of SBI Research, this situation has been termed as ‘Uneven Transmission’. According to the report, RBI has cut the repo rate by 1.25% in the last one year, but its effect is not visible in every part of the market. Grand campaign of liquidity: According to data, according to Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor of SBI, in the market The figure of total cash injected is shocking: Through OMO: ₹ 6.6 lakh crore. Net Liquidity: If CRR cuts, swaps and currency leakages are included, effectively ₹ 5.5 lakh crore has reached the market. Claim: This is the largest liquidity management operation in Indian monetary history. Borrowing from banks becomes cheaper, companies happy. One positive aspect in the report is that the loan rates of banks are good. There has been a decline. The magic of EBLR: About 65% of the loans of banks are linked to the external benchmark (EBLR), so the benefit of the repo rate cut has reached the customers rapidly. Reduction in interest rate: The average rate on new rupee loans has come down by 62 basis points (BPS) to 8.71% by November 2025. Corporate Shift: Now big companies are considering it more cheaper and profitable to take loans from banks instead of raising money from the market (bonds). ‘Brake’ on bond market and states’ debt. Despite so much cash, interest rates still remain high in some sectors: Money Market: An increase in interest rates has been seen here from August 2025. State Loan (SDL): The average interest rate on loans taken by states stood at 7.16%, which is a slight decrease of only 0.07% compared to last year. Corporate Bond Yield: 10-year AAA The yield of rated bonds has started increasing again since June. New experiments of RBI and suggestion of SBI. In the report, the decision of RBI to repay the 90 days repo loan prematurely has been described as ‘unique at the global level’. SBI Research has suggested that: RBI should do OMO in those bonds which are heavily traded. This will give a clear signal to the market and increase investor confidence.