MUMBAI, Aug. 7 (Xinhua) -- India's central bank cut its benchmark repurchase rate, or the repo rate, by 35 basis points to 5.40 percent, it said in a release on Wednesday.
Repo rate is the rate at which the central bank lends money to commercial banks in the event of shortfall of funds.
Most Indian bankers and brokerage houses had been expecting at least 25-basis points (bps) cut in policy rates as the country is in the midst of a subdued economy, slowing investments and flat growth in exports.