India's central bank cut interest rates on Thursday (Apr 4), delivering a shot in the arm to Prime Minister Narendra Modi's poll hopes a week ...
MUMBAI: India's central bank cut interest rates on Thursday , delivering a shot in the arm to Prime Minister Narendra Modi's poll hopes a week before the start of a marathon general election.
The Reserve Bank of India said the benchmark repo rate - the level at which it lends to commercial banks - would be reduced by 25 basis points to 6.00 per cent. "The need is to strengthen domestic growth impulses by spurring private investment, which has remained sluggish," it added.Channel NewsAsia - Sentifi topic widgetDas has now reversed two rate hikes brought in by previous governor Urjit Patel last year.
The opposition Congress Party accuses Modi's Bharatiya Janata Party-led administration of trying to influence the bank and has pledged in its manifesto to"reverse the unwarranted and illegal interference" in its functioning. Central banks around the world are adopting a more dovish tone as they reassess their monetary policies to address flagging growth.
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