The Reserve Bank of India (RBI) is keeping its options open on further monetary tightening, with Governor Sanjay Malhotra saying the depth of future rate hikes will depend on evolving macroeconomic conditions. In the post-policy press conference on Wednesday, the RBI brass addressed concerns around inflation, liquidity, and credit growth. Did the MPC consider a 50-basis-point rate hike? And as inflation normalises, should we expect further recalibration of the real rate?