The Reserve Bank of India (RBI) as expected kept policy rates unchanged and promised to remain accommodative as long as necessary to revive and sustain growth.The central bank cut the FY22 GDP forecast by 1 percent to 9.5 percent and hiked the inflation forecast by 20-30 basis points for the coming quarters. It has also promised to buy Rs 1.2 lakh crore worth government bonds in the second quarter.The Reserve Bank has allowed banks to restructure loans up to Rs 50 crore and gave them sops if they lend to contact-based sectors like spas, salons and restaurants. It also handed out a further Rs 16,500 crore to SIDBI, which can refinance loans that banks lend to MSMEs.So what does all this mean for inflation and growth for the real economy? Will banks lend more money to the bottom of the pyramid? Can low rates really entice companies to borrow and kick off growth? Is RBI sounding too dovish given global commodity inflation?And, when will RBI begin to have more normal money markets where money is not sloshing around in trillions?To discuss the RBIs decisions and their likely impact, CNBC-TV18’s Latha Venkatesh spoke to Pranjul Bhandari, Chief India Economist at HSBC; B Prasanna, head of Global Markets Group at ICICI Bank; Rajkiran Rai, MD and CEO of Union Bank of India; and Ashwini Kumar Tewari, MD - International Banking at SBI.For the full discussion, watch the video.