New Delhi, April 4 -- The Reserve Bank of India's (RBI's) decision to cut its repurchase rate by a quarter percentage point, while maintaining its "neutral" stance, was somewhat anti-climactic, if not a surprise. Many in corporate India and the banking sector had kept their fingers crossed that the central bank, with a former bureaucrat at its helm, would either deliver a half percentage point cut or ease the cash reserve requirements of banks. Some had hoped that it would soften its policy stance to "accommodative", signalling future cuts to lower the cost of loans, spur investment and spending, and shield the domestic economy from a slowdown, especially as central banks in other major economies have taken a dovish stance in response to slowing global growth. That didn't happen. Though equity and bond markets were disappointed, they need not despair. First, the move reveals that RBI's Monetary Policy Committee is confident that the economy isn't faring as badly as some economists feared. This is reflected in the vote count, with four members favouring the cut that has been made, two asking for a rate hold, and none calling for a bigger cut, which may have suggested panic over growth prospects. Second, the central bank under Shaktikanta Das, who replaced Urjit Patel as governor in the midst of a controversy over RBI's autonomy, has opted not to make a drastic departure on this front from the earlier approach-seen by critics as not loose enough....