India slashes interest rate again to revive growth in stalled economy
May 4, 2013, 12:16 am TWN
MUMBAI -- India's central bank has cut a key interest rate by a quarter percentage point to try to revive stalled economic growth. The bank's governor warns, however, that persistent inflation will prevent much more aggressive rate cuts beyond the new 7.25 percent level.
Friday's cut was the third this year in the policy repo rate at which commercial banks can borrow from the Reserve Bank of India.