India's central bank cut interest rates by 25 basis points

The Reserve Bank of India cut its benchmark policy rates by 25 basis points for the third time in 2013 in order to boost the economy and improve the growth. The RBI led by the Governor Duwuri Subbarao lowered the repo rate, which is the rate at which central bank lends to other banks, from 7.50% to 7.25%, while it cut the reverse repo rate, deposit-accepting rate, from 6.50% to 6.25%.