The monetary policy transmission happened much faster this time compared to previous occasions, RBI governor Sanjay Malhotra said in the post-policy press conference, emphasising on faster pass-through. “That’s why we have frontloaded some of our actions,” he said. “It is much faster than previous times. Normally, it takes six to nine months. It has only been four months from the first policy cut,” said Malhotra. Providing data to support his point, Malhotra said the average deposit rates have declined by 27 basis points, while lending rates on outstanding credit have come down by 17 basis points since the February rate cut of 25 basis points.