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Clamouring for an RBI cut, India Inc is now cut up

he Reserve Bank of India kept interest rates unchanged on Monday, ignoring the widespread chest-beating over an economy at stall speed, and sending a clear signal that its focus is on fighting rising prices squeezing the lives of millions of Indians. Governor Duvvuri Subbarao, who appears to have made a habit out of doing the unexpected and leaving the markets nonplussed, also did not cut the cash reserve ratio. The CRR stipulates the portion of deposits that banks must keep with the central bank.

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