US
Reduction welcome news for Modi govt which wants to lift growth ahead of polls
Patel resigned following months of tensions with government over interference in policy
RBI says cash withdrawals will be allowed out of balance in account as of close of business on November 8
The outgoing central bank chief says low interest rates should not be alternative to reforms needed to boost growth
Known to have a good rapport with govt officials, Patel may find his low public profile helps him develop better ties
Rajan has slashed interest rates over the past 18 months
He's also faced personal attacks from right-wing MPs in India's ruling Bharatiya Janata Party (BJP)
Move follows recent rate cuts designed to lower cost of investing and boost India's economy
Weakening inflation and concern of China-led global slowdown push India's central bank to cut repo rate
RBI surprises analysts by lowering benchmark repo rate to 6.75 per cent from 7.25 per cent with immediate effect