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India’s Interest Rates Drop to 5-Year Low
The Reserve Bank of India has cut its lending rate to commercial banks to 6.5% from 6.75%. The expected adjustment drops the central bank's rate to its lowest in five years.
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The Reserve Bank of India has cut its lending rate to commercial banks to 6.5% from 6.75%.
The expected adjustment drops the central bank's rate to its lowest in five years. RBI points to tightened liquidity, a continuing decline in exports and an undisclosed drop in India’s consumer price index in March that reversed six months of expansion.
RBI has trimmed its lending rate by 1.5 points since the beginning of 2015. Analysts, who predict further cuts later this year, say little of the reductions to date have been passed on to borrowers.
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