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Reserve Bank of India cuts Repo rate by 100 bps to 8%
By Richard Connell
New York, Oct. 20 - The Reserve Bank of India cut its Repo rate by 100 basis points to 8%, citing the continued uncertainty in the global financial markets.
The bank noted that India was still being affected by the global economic crisis, shown particularly in its credit markets.
The bank felt that an immediate rate cut would alleviate stresses in the credit markets and maintain domestic financial stability.
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