Reserve Bank of India Governor Raghuram Rajan has finally seen the light. While the monetary monsoons might be generous, the Government has much work in its hands. Earlier, though there was reasonable liquidity in the system, banks were hesitant to lend, fretting over their balance sheets. The decision to cut repo rate by 50 basis points is likely to improve the situation. With the RBI projecting on growth, although it trimmed gross domestic product forecast from 7.6 per cent to 7.4 per cent, our markets are mature enough to factor this in. Their exuberance yesterday was toned down before closing.