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All you wanted to know about repo-linked deposit and lending rates

As everyone cheered the 35-basis point repo rate cut in last week monetary policy meeting, were you wondering why such cuts never seem to trickle down to you? Effective May 1, SBI savings bank accounts with balances of over Rs1 lakh would earn interest at the repo rate minus 2.75 per cent. But for a few years now, hikes or reductions in the repo rate by India Monetary Policy Committee have had only a marginal impact on the economy because of the partial transmission of these cuts by banks.continue reading.
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