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Rate cut in line with govt policy: FM

October 21, 2008
Finance Minister Palaniappan Chidambaram on Monday said that the 100 basis point cut in repo rate by the Reserve Bank of India is consistent with the government's policy of maintaining growth and moderating inflation.

The central bank cut its key short-term lending rate by 100 basis points to 8.0 per cent to alleviate pressures caused by the global financial crisis and maintain financial stability.

Video: ANI
Also see: Kingfisher hints at more job cuts

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