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India’s Central Bank Cuts Interest Rate
India’s central bank has lowered its primary lending rate by 0.25 points to 6.25%, the lowest in six years.
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India’s central bank has lowered its primary lending rate by 0.25 points to 6.25%, the lowest in six years.
The choice to reduce the rate came from the Reserve Bank of India’s new six-member committee. Previously, the final decision was made by the bank’s governor.
RBI says the reduction will add liquidity to the Indian economy and help push growth to 7.6% for the fiscal year that began on April 1. The central bank also notes that inflation is declining. India’s government targets a 4% inflation rate but considers any rate between 2% and 6% acceptable.
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