Reserve Bank Of India Cuts Interest Rate First Time In Three Years

26 Jamadilawal 1433

NEW DELHI, April 17,2012. The Reserve Bank of India (RBI) has cut its interest rate by 50 basis points, first time in three years to boost waning growth.

With the cut, the repo rate under the liquidity adjustment facility would accordingly drop to eight per cent from 8.5 per cent previously, it said.

"Based on current assessment, the economy is clearly operating below its post-crisis trend. This is one of the considerations behind the policy move, it said.

More information: BERNAMA