Aug 16 (Reuters) -

* India cenbank MPC member Patra says financial environment is bubbly and frothy -MPC minutes

* India cenbank MPC member Patra says sense is that one-off inflation effects could emerge in the near months

* India cenbank MPC member Patra says combination of high valuations in markets, appreciating currency and liquidity overhang is a perfect recipe for a financial imbalance

* India cenbank MPC member Patra says rate cut can amplify conditions if the central bank is seen as encouraging risk-taking

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