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Overnight rates in India ignore RBI rate cut

By Swati Bhat MUMBAI (Reuters) – India’s financial system is facing a deficit in short-term funds even after a cut in the official lending rate last week, and bankers do not expect conditions to improve until April. The Reserve Bank of India (RBI) reduced its key lending rate by 25 basis points to 7.75 percent on Jan. 15. Yet the interbank overnight cash rate – a key measure of cash conditions – is trading at 8 percent and above. Traders say conditions are unlikely to ease as the government cuts spending to meet its deficit target for the fiscal year ending in March.

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