Indias central bank

After market hours, the Reserve Bank of India said it was lowering the repo rate, at which it lends to banks, to 5.0 percent from 5.5 percent, effective immediately.
It also cut the reverse repo rate, at which absorbs excess cash from the banking system, to 3.5 percent from 4.0 percent, effective immediately.
The central bank said while Indian financial markets were orderly, the country's growth prospects had taken a hit from the global financial crisis and subsequent economic downturn.
'This impact has turned out to be deeper and wider than anticipated earlier,' the central bank said in a statement.

Policy makers expect India's economy to grow at a six-year low of 7.1 percent in the 2008/09 fiscal year that ends on March 31, after growing at or above 9 percent in the previous three years. Analysts expect the economy to slow further in 2009/10.
'This may be the last rate cut for some time now, and the central bank will wait for incoming data and until the new government assumes office,' said A. Prasanna, economist at ICICI Securities in Mumbai.
National elections are being held in stages over April and May.
The central bank said the reduction in rates should further encourage banks to provide credit for productive purposes at viable interest rates. At a policy review in late January, it held rates steady, saying banks were yet to pass on earlier cuts.


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