How RBI eased lending rates without a policy rate cut | Explained

The Reserve Bank of India last week kept policy rates unchanged citing high inflation outlook. However, some banks have already responded with a reduction in lending rates. So how is this possible that without a policy rate cut the RBI was able to bring down effective lending rates for customers?
Moneycontrol's Parnika Sokhi decodes how RBI eased lending rates without a policy rate cut?

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