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1st LD Writethru: India cuts lending rate by 50 basis points

Xinhua, September 29, 2015 Adjust font size:

India's central bank, the Reserve Bank of India (RBI), Tuesday cut its short-term lending rate by 50 basis points.

The repurchase rate, or the interest charged on short-term borrowings, was cut to 6.75 percent, while the indexed reverse repo rate, or the interest payable by the central bank on short- term deposit, automatically was cut to 5.75 percent.

The move will allow commercial banks to lower their own lending rates for personal, automobile, housing and commercial loans. Endi