India cuts rates by 1%

The Reserve Bank of India slashed its key short-term lending rate by a full percentage point on Monday. It was the central bank's first reduction in rates since March 2004.

"The global financial situation continues to be uncertain and unsettled," the Reserve Bank of India said. The cut leaves rates at 8%.

Both the extent and timing of the move came as a surprise to many analysts. The consensus forecast saw the central bank reducing rates by 50 basis points at its scheduled meeting on Friday.

The

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.