The rate cut cycle may not be over, and the Reserve Bank may go for a 25- 50 bps cut in calender year 2017, as the underlying disinflationary forces are expected to continue next year, says a report. RBI surprised with a status quo on policy, premised on upside risk to January-March quarter inflation and limited transient growth drag owing to demonetisation. According to Kotak Institutional Equities, “The tone was hawkish and we do not rule out another status quo in February, albeit contingent on the CSO advance estimate of FY2017 GVA.”