Agence France-PresseMay 3, 2013 02:15
India's central bank cut its main interest rate by 25 basis points on Friday, in the third such move this year, but said there was "little space" for further reductions to help the slowing economy.
After meeting in the financial capital Mumbai, the Reserve Bank of India (RBI) said that the benchmark repo rate, at which it lends to commercial banks, would fall to 7.25 percent, as expected by most economists.
The cash reserve ratio -- the percentage of deposits banks must keep with the central bank -- was kept unchanged.
Follow us: