India makes surprise interest rate cut to 7.5%

10:42 AM | 4 Mar, 2015
India makes surprise interest rate cut to 7.5%
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MUMBAI (APP) - India's central bank cut interest rates by 25 basis points on Wednesday in a surprise announcement, days after the new right-wing government's first full-year budget.

The Reserve Bank of India (RBI) said the benchmark repo rate -- the level at which it lends to commercial banks -- would fall to 7.5 percent as it forecast a slowdown in inflation in the coming financial year.