India’s central bank has announced a quarter of a percentage point cut to its benchmark interest rate, as it sought to take advantage of a “Goldilocks period” of soaring growth and record-low inflation.
The latest cut, at the conclusion of the Reserve Bank of India’s three-day meeting on Friday, brought interest-rate reductions under governor Sanjay Malhotra, who took over the reins of the Indian central bank late last year, to 1.25 percentage points.
The benchmark rate now stands at 5.25 per cent.
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