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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India's central bank cuts rates by 25 basis points AFP - 1 hour 31 minutes ago MUMBAI (AFP) - - India's central bank on Tuesday lowered two key short-term interest rates by 25 basis points each, in an effort to arrest a slowdown in Asia's third largest economy. ADVERTISEMENT The Reserve Bank of India (RBI) lowered the repo -- the rate at which it lends to commercial banks -- to a record low of 4.75 percent, from a peak of 9.0 percent last year. It also announced a cut in the reverse repo -- the rate at which it borrows from banks -- to 3.25 percent. "The major challenge at this stage is to support drivers for demand, to enable the economy to return to a high growth path," RBI governor D. Subbarao said in the annual policy statement for the year to March 2010. The RBI has now slashed rates six times since October last year, with the repo being cut by 425 basis points. The bank's latest move was seen as an attempt to push commercial banks to lower their lending and deposit rates further. "There is scope for the overall interest rate structure to move down," the governor said in justifying the cuts. The central bank places India's GDP at between 6.5 to 6.7 percent for the year to March this year and forecasts slower growth in the new financial year, mainly due to concerns over sustained lower global demand. "With the assumption of a normal monsoon, real GDP growth is placed at 6.0 percent, as private investment demand is expected to remain subdued," the bank noted. The RBI said inflationary pressures had eased dramatically, with annual inflation close to zero. "Wholesale Price Index (WPI) inflation is expected to be negative in the early part of 2009-10, but this should not be interpreted as deflation," Subbarao said. "It is not a reflection of demand contraction as seen in advanced economies." The bank has forecast annual WPI inflation at near 4.0 percent for the year to March 2010. It said the country's banking sector was "sound, adequately capitalised and well-regulated." "By all counts, Indian financial and economic conditions are much better than may other countries across the world," Subbarao said. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy India central bank cuts lending rates, growth viewAP - 54 minutes ago Russia, China finalise oil pipeline dealAFP - 1 hour 7 minutes ago Greentown China Holdings shares suspended -HKexReuters - 1 hour 22 minutes ago India's central bank cuts rates by 25 basis pointsAFP - 1 hour 31 minutes ago Related Articles: Business Indian shares turn postive after rate cutReuters - 45 minutes ago Russia, China finalise $25 bln oil-for-loan dealReuters - 45 minutes ago Saudi's Dar al-Arkan's Q1 net profit falls 6.2 pctReuters - 46 minutes ago India cbank move to help banks cut rates-finmin aideReuters - 49 minutes ago BANKERS' VIEW-Bankers react to policy, rate cutsReuters - 51 minutes ago Enlarge Photo India's central bank cuts rates by 25 basis points Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Police nab Norwegian pair during high-speed sex Physicist Stephen Hawking 'very ill': university 'Beginner's luck' may lay trail to Cleopatra tomb PepsiCo beats profits forecast Bank of America profits roar, but loan losses loom View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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