The Reserve Bank of India faces mounting pressure to inject fresh liquidity into the banking system. Despite cutting rates four times and ramping up government bond purchases to record levels, market participants are seeing yields stuck at stubbornly high levels. It's a classic squeeze—policy moves that should ease financial conditions aren't translating into the expected relief. Banks are tight, credit isn't flowing as it should, and the structural imbalance between supply and demand for liquidity keeps yields elevated. Traders watching this situation closely see only one path forward: the central bank will have to go bigger with its intervention.