The Reserve Bank of India (RBI) cut interest rates for a third time this year on Tuesday, taking advantage of subdued inflation to give more support to an economy that many economists doubt is doing as well as latest impressive growth numbers suggest. The reduction in the repo rate will lower cost of funds for banks and is a signal to them to reduce lending rates. For individual borrowers, home loans and auto loans rates would come down. Announcing the rate cut the governor said that there were scope for further cuts if the monsoon was better than expected or if government took measures to offset impact of monsoon.
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