India rejoices in rate cut economic boost

2015, India Investment Journal - V 3/I 4, Policy India
Reserve Bank of India (RBI) governor Raghuram Rajan sprang a pleasant surprise by cutting the repo rate, which banks benchmark their lending and deposit rates against, by 50 basis points (bps; 100 bps = 1 percentage point) to 6.75 per cent from 7.25 per cent.