India's central bank cuts interest rates
January 15 , 2015
In an unexpected move, India’s central bank has cut interest rates to 7.75%.
The Reserve Bank of India (RBI) said a “sharper-than-expected decline” in fruit and vegetable prices was among the reasons for the cut in the rate, which has been steady at 8% for a year.
The other reasons cited by the bank, included falling oil prices.
The 25 basis point reduction in interest rates may gave a boost to the Indian economy, which is confronting a slowdown.