RBI cuts rates and strikes dovish note for 2013

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The Reserve Bank of India (RBI) today cut its headline interest rate 25 basis points to 7.75%, the first time in nine months that the rate has been reduced.

In a statement following the monetary policy meeting, governor Duvvuri Subbarao said three main considerations had informed the decision. Inflation in India, which remained stubbornly high for the majority of the last year, softened slightly in the third quarter of the fiscal year 2012–13, while growth "decelerated significantly". The RBI

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