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Rajan holds India rate, rebuffing pressure from government

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Published Tue, Aug 4, 2015 · 09:50 PM

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    Mumbai

    INDIAN central bank governor Raghuram Rajan kept interest rates unchanged, rebuffing pressure from the Finance Ministry to reduce borrowing costs that are among the highest in Asia.

    Mr Rajan left the benchmark repurchase rate at 7.25 per cent after three cuts this year, including in June, the Reserve Bank of India (RBI) said in a statement in Mumbai on Tuesday. The move was predicted by 39 of 42 economists in a Bloomberg News survey. Three expected a cut to 7 per cent.

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