India cuts rate to nine-year low and signals more easing ahead

MIDDLE MAN: India's central bank is working to bring e-commerce firms and the country's banking systems more in alignment.

MUMBAI: India’s central bank cut its benchmark interest rate for a third time this year and paved the way for more policy easing to support an economy growing at the slowest pace since 2014.

The repurchase rate was reduced by 25 basis points to 5.75%, the lowest in nine years, as predicted by 31 of 43 economists surveyed by Bloomberg News. The six-member Monetary Policy Committee voted unanimously for a rate cut and switched its stance to “accommodative” from neutral.