As expected, the Reserve Bank of India (RBI) lowered its key policy rate yet again on Friday -- the fifth successive time this year that it has done so in a bid to spur slowing economic growth. The latest cut, by a quarter percentage point, brought the benchmark repo rate (the rate at which RBI lends to banks) to a nine-year low of 5.15%. But the news was overshadowed by the RBI's announcement that it was sharply reducing India's growth forecast for the fiscal year to 6.1% from 6.9% earlier.
As expected, the Reserve Bank of India (RBI) lowered its key policy rate yet again on Friday -- the fifth successive time this year that it has done so in a bid to spur slowing economic growth. The latest cut, by a quarter percentage point, brought the benchmark repo rate (the rate at which RBI lends to banks) to a nine-year low of 5.15%. But the news was overshadowed by the RBI's announcement that it was sharply reducing India's growth forecast for the fiscal year to 6.1% from 6.9% earlier.
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