Governor Sanjay Malhotra didn’t mince words: “Nothing is off the table.” Bond sales? FX swaps? Done. Why? Because banks are sitting on over ₹10 lakh crore in excess cash; cash that’s pushing overnight rates below the repo rate, threatening inflation control. Even though the RBI waived CRR on overseas forex deposits to encourage inflows, now it’s time to mop up the surplus. Markets reacted instantly; 10-year bond yields jumped to 7.035%, their highest in 3+ months. And if the RBI opts for open market bond sales next week, yields may climb further. This isn’t panic; it’s precision. With inflation expected to hit 4.8% in August and oil prices still ticking up, the RBI is balancing growth and pricing stability. One small tool; bond sales; could reshape borrowing costs for corporates, homebuyers, and even your EMIs. Watch this space. The quietest moves often carry the loudest consequences.