India Cuts Rates as RBI Sees `Urgent Need' to Boost Investment
- Most economists in Bloomberg survey had predicted the move
- Keeps neutral stance, retains growth and inflation forecasts
Yes Bank's Rao Says RBI Rate Cut a Done Deal
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India cut interest rates to the lowest since 2010 to boost an economy struggling to recover from Prime Minister Narendra Modi’s cash clampdown.
The benchmark repurchase rate was lowered to 6 percent from 6.25 percent, the Reserve Bank of India said in a statement in Mumbai on Wednesday. The move was predicted by 41 of 57 economists in a Bloomberg survey with the rest seeing no change. It retained its neutral policy stance.