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Tags: APFN | AS | India | Economy

India's Central Bank Cuts Lending Rate to 6%

Thursday, 04 April 2019 05:38 AM

NEW DELHI (AP) — India's central bank has lowered its key interest rate by a quarter of a percentage point to 6% to strengthen domestic growth ahead of a national election next week.

The interest rate is what the federal bank charges on lending to commercial banks. Lower interest rates help borrowers.

The rate cut comes amid a deterioration in the outlook for regional and global growth.

In a bimonthly review of the economy released on Thursday, the Reserve Bank of India cut the retail inflation forecast to 2.9-3% for the first half of this fiscal year. It cited lower food and fuel prices and expectations for a normal rainy season.

In its February policy statement, the RBI had projected retail inflation at between 3.2-3.4%.

India's financial year runs from April-March.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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India's central bank has lowered its key interest rate by a quarter of a percentage point to 6% to strengthen domestic growth ahead of a national election next week.The interest rate is what the federal bank charges on lending to commercial banks. Lower interest rates help...
APFN,AS,India,Economy
130
2019-38-04
Thursday, 04 April 2019 05:38 AM
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