India's central bank keeps interest rates unchanged

  • Three weeks after announcing a surprise cut in the interest rates, the Reserve Bank of India (RBI) has kept them unchanged.

    The benchmark interest rate in Asia’s third largest economy will remain at 7.75%, the country’s central bank announced. Raghuram Rajan, the RBI Governor, said that the bank was “looking for further cues” on declining inflation in the budget month.  

    Government and Indian businesses are in favor of further rate cuts to boost the economy.

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