The Reserve Bank of India (RBI) cut its key repo rate for the first time in nearly five years on Friday and signalled a less restrictive policy approach ahead, as it seeks to provide stimulus to the sluggish economy.

India's central bank has cut interest rates for the first time in nearly five years to counter slowing growth in Asia's third largest economy. The Reserve Bank of India (RBI) reduced its repo rate from 6.5% to 6.25%, in line with the expectations of many economists.

The Reserve Bank of India cut its policy rate for the first time in nearly five years as economic growth slows and inflation cools.