India's central bank cuts key interest rate to 6.75%

India's central bank aggressively cut interest rates on Tuesday in a bid to kickstart economic growth, following a sharp drop in inflation. The Reserve Bank of India (RBI) surprised analysts by lowering the benchmark repo rate -- the level at which it lends to commercial banks -- to 6.75 percent from 7.25 percent with immediate effect. Economists had been expecting a cautious 25-basis-point cut and the 50-basis-point reduction was certain to please Prime Minister Narendra Modi's business-friendl