India's new central bank governor marked his first policy meeting Friday with a bold decision to hike interest rates, wrong-footing analysts and leading to sharp falls on the stock market.
India's new Reserve Bank of India governor has raised interest rates by 25 basis points on Friday in a surprise move during his first monetary policy review in a bid to reduce inflation.
Reserve Bank of India (RBI) chief Raghuram Rajan, who had warned he was prepared to be unpopular, ordered a rise in the benchmark interest rate from 7.25 to 7.50 percent at a mid-quarter policy review in India's financial centre Mumbai.
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