India's central bank cuts interest rates for third time this year

India's central bank on Tuesday cut interest rates for the third time this year and played down recent strong growth in Asia's third-largest economy, saying investment and demand remained weak. The Reserve Bank of India (RBI) lowered the benchmark repo rate -- the level at which it lends to commercial banks -- by 25 basis points to 7.25 percent with immediate effect. It was in line with analysts' expectations and means the RBI has now lopped 75 basis points from borrowing rates in