NEW DELHI -- The Reserve Bank of India on Wednesday cut its benchmark lending rate by 25 basis points to a seven-year low of 6% after inflation remained below target for a number of quarters.
The cut came amid growing calls from analysts and government officials, who cited low inflation and the need to bolster economic growth. Urjit Patel, the RBI governor, finally fell in with the 80% of economists who had been arguing for a cut.
