The Reserve Bank of India deciding to keep key rates on hold on Tuesday is seen as an indication of the central bank not being interested in bailing out a profligate government. The central bank held the repo rate at 8.00 percent and also kept its cash reserve ratio (CRR) for banks steady at 4.25 percent, its lowest level since 1974. That's a direct spurning of Finance Minister P Chidambaram's desire for faster action by the RBI. Wary of stubbornly high inflation, the RBI has kept its key policy rates on hold since a 50 basis point cut in April. Chidambaram and the rest of the Congress-led coalition government will now have to wait until January -- at the start of the last quarter of the Indian fiscal year -- for any boost to growth from falling interest rates.

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