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India holds interest rates steady despite cash chaos

A protest in Mumbai following the cancellation of India's 500 and 1000 rupee notesIndia’s central bank left interest rates unchanged at 6.25 percent Wednesday, defying expectations of a cut following the government’s shock move to withdraw high-denomination banknotes from circulation. The Reserve Bank of India (RBI) said the benchmark repo rate — the level at which it lends to commercial banks — would stay steady after it was cut to 6.25 percent in October. Lower interest rates boost consumer spending, which is likely to see a sharp downturn in the wake of the government’s so called demonetisation scheme but it can also cause an uptick in inflation.

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