...........After all, for over a year now, the finance ministry has been prodding RBI to cut rates, while the central bank has refused to toe the government line. Instead, on Monday it signaled a reversal in policy to offset the impact of the weakening rupee by announcing several measures that will push up the cost of funds for banks. While there were expectations of banks responding with hikes in the coming days, the finance ministry swung into action and impressed upon banks to maintain status quo. By evening the impact was visible as banks started issuing statements, saying rates were not increasing..........
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