The Reserve Bank of India (RBI) is close to finalising the guidelines for new bank licences, D Subbarao, the governor of the RBI, said on Tuesday.

The central bank has responded to the government's recommendations, and is awaiting the government's response on the points raised by the RBI, Mr Subbarao said.

Earlier in the day, the central bank has cut the key repo rate and banks' cash reserve ratio by 25 basis points each.


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