Indian Central Bank Cuts Rates "In its midquarter policy review, the Reserve Bank of India lowered its benchmark rate to 7.5 percent," a Reuters report said, "and reduced another important number, the reverse repo rate - the rate at which it borrows from banks - to 6.5 percent." But a marginal increase in wholesale inflation recently, "rising consumer inflation driven by food prices and a record current account deficit limit the central bank's ability to stimulate the economy," which is on track to grow at about 5 percent in the fiscal year which concludes this month. This is the slowest the Indian economy has grown in a decade.