India’s interest rates cut to six-year low Urjit Patel
Eastern Eye Staff
INDIA’S central bank cut interest rates to a six-year low of 6.25 percent October 4, citing a good monsoon, in its first monetary policy decision under new governor Urjit Patel. The Reserve Bank of India said the benchmark repo rate – the level at which it lends to commercial banks – would be brought down by 25 basis points from 6.50 percent. The rate was last at 6.25 percent in November 2010. The decision was expected to please Narendra Modi’s government who had become frustrated at the pace with which Patel’s predecessor, Raghuram Rajan, had reduced rates during his three-year…
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