India central bank cuts rates ahead of election

Mumbai, Feb 7: India's central bank cut interest rates Thursday, giving a surprise boost to Prime Minister Narendra Modi ahead of general elections due this year.

The cut in borrowing costs in Asia's third-biggest economy comes as the economy stutters and other central banks, most notably the Federal Reserve, have sounded increasingly cautious about the global outlook.

The Reserve Bank of India (RBI) said the benchmark repo rate — the level at which it lends to commercial banks — would be reduced by 25 basis points to 6.25 percent.



Posted on: 2019-02-07T23:30:00+05:00