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LOWER RATES: The State Bank of India cut its bank deposit rate to 8.1 pc on Wednesday.

LOWER RATES: The State Bank of India cut its bank deposit rate to 8.1 pc on Wednesday.

RBI rate cut: Deposits to pay less; loans to cost less

The Reserve Bank of India (RBI), on Wednesday, cut repo and reverse repo rates by 50 basis points. The repo rate now stands at 5 per cent and the reverse repo is at 3.5 per cent.

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