UPDATE 1-Under pressure, India's big banks trim lending rates at last

April 7, 2015 4:10 PM

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MUMBAI, April 7 (Reuters) - Three of India's largest banks said on Tuesday they would trim lending rates, yielding to months of central bank pressure with the first major cut in borrowing costs since a monetary easing cycle began in January.

The moves came hours after a policy review in which the Reserve Bank of India left rates unchanged but again berated the sector for holding up transmission of changes in monetary policy to the economy. The RBI has cut rates twice this year.

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