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Money markets passing on rate cuts: Reserve Bank of India

Sliding money-market rates show interest-rate cuts by Reserve Bank of India can revive the economy, says Mr Rajan (above)


SLIDING money-market rates have been hailed by Reserve Bank of India governor Raghuram Rajan as evidence his interest-rate cuts can revive the economy while banks fail to pull their weight.

One-year commercial paper rates dropped 72 basis points in 2015 to 8.30 per cent on