The Reserve Bank of India is set to allow trading in bond forwards that long-term investors can use to manage their interest rate risk, the central bank said on Friday.

India’s central bank cut interest rates Friday for the first time in nearly five years, as concerns over a growth slowdown in the world’s fifth largest economy outweighed inflation risks. The Reserve Bank of India (RBI) said the benchmark repo rate,

Central banks around the world cut interest rates last year, with India maintaining higher rates due to lingering inflation. India maintained high rates due to lingering inflation. Last year, India's economy grew at a rate of 8%.