1. In theory - there is an indirect way through which a policy repo rate reduction should bring down deposit and lending rates. 2. Lower repo rates should mean lower government security yields - since it reduces their cost of funding. 3. Here in India - the much-awaited consultation paper on net neutrality is yet to move from the regulator'stable. 4. Lower risk-free government yields should mean other corporate bond yields should come down as well. 5. With cheaper funds available through wholesale debt markets - banks should then be able to lower deposit - andtherefore lending rates.