MUMBAI -- The Reserve Bank of India cut its key policy rate on Friday by an unexpectedly sharp 50 basis points to 5.5%, its lowest level in nearly three years, as tepid inflation allowed the bank to focus on spurring economic growth.
Economy
India central bank's surprise 50-basis point cut frontloads easing
Slow growth, tepid inflation allows RBI to set lowest rates in three years
The Reserve Bank of India had already implemented rate cuts at its monetary policy meetings in February and April this year. © Reuters
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