India's RBI cuts interest rates for third time this year

India's central bank on Tuesday cut interest rates for the third time this year and downplayed recent growth in Asia's third-largest economy, saying investment 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 2015.