India's central bank cuts interest rates

India's central bank cuts interest rates
 

India's central bank has cut a key interest rate to its lowest level for nearly six years, in an effort to boost the economy.
The bank cut its benchmark repo rate to 6.25% from 6.50%.
This was the first interest rate review under the new governor of the bank, Urjit Patel, who took over last month.
While Mr Patel's predecessor was in sole charge of rate setting, this latest cut was decided by the newly formed monetary policy committee.
The bank did not say how members of the six-strong committee voted.
Mr Patel replaced Raghuram Rajan, who announced he was stepping down earlier this year.
He... read more

 
4 October 2016 in Business, Views: 30
Source: BBC
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