Former Reserve Bank of India (RBI) governor D Subbarao said on Wednesday that given the continuing uncertainty surrounding the Covid-19 crisis, the central bank should keep its powder dry and use its ammunition with caution. Subbarao was speaking at a webinar conducted by SPJIMR. ‘If I was to advice the RBI, I would say keep your powder dry. Since you have deployed quite a bit of your weaponry and you don’t know how the pandemic is going to unfold– whether it is going to be a V-shaped recovery or any other type of recovery, it might come back later. So keep your powder dry. Use whatever ammunition you have with some caution,’ Subbarao stated.