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State Bank of India, post-market hours, said it had reduced interest rates on some bulk deposit buckets of ₹1 crore and above by 25-75 basis points. The rate cuts come into effect on Friday. With the monsoon spreading across India, there is expectation that the RBI will cut rates sooner than expected and prod banks to follow suit. In such a scenario, if other banks too follow SBI’s latest move, it will help protect their net interest margins.
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