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RBI's move will encourage banks to cut rates: Finmin
Updated On: 05 March, 2009 12:34 PM IST | | PTI
The Government today said the Reserve Bank's slashing policy rates will provide impetus to banks to cut interest rates and even private sector lenders will lower lending rates "sooner or later."
The Government today said the Reserve Bank's slashing policy rates will provide impetus to banks to cut interest rates and even private sector lenders will lower lending rates "sooner or later."
"We welcome the decision. This will provide adequate impetus to banks to lower their interest rates. Private banks will sooner or later will follow suit," Economic Affairs Secretary Ashok Chawla told reporters here.
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