India's central bank cuts key interest rate

12:27 PM | 6 Jun, 2019
India's central bank cuts key interest rate
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MUMBAI - India's central bank cut interest rates on Thursday in a boost to newly re-elected Prime Minister Narendra Modi, as he grapples with sluggish economic growth and decades-high unemployment.

The Reserve Bank of India said that the benchmark repo rate -- the level at which it lends to commercial banks -- would be reduced by 25 basis points to 5.75 percent.