By not going for a rate change in the April monetary policy review, the Reserve Bank of India (RBI) has once again given preference to growth over inflation. This was the 20th meeting of the Monetary Policy Committee under RBI governor Shaktikanta Das, which taken together, have so far highlighted his focussed support for growth in the country. Though the RBI has introduced a new liquidity control tool called the standing deposit facility (SDF), it has indicated that the excess liquidity introduced through low interest rates over the last two years will be withdrawn in a multi-year period of up to three years.