RBI: India's central bank slashes rates after five years

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 repo rate is the level at which the central bank lends to commercial banks.The latest cut happens when India's GDP growth is seen slowing to a four…