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

The former revenue secretary in the Ministry of Finance, Malhotra is expected to announce the cuts to lower interest rates for economy’s growth which is expected to reach a four year low.

India’s new central bank governor cut interest rates for the first time in almost five years on Friday to help spur a slowing economy as global risks intensify.

India's GDP growth is seen slowing to a 4-yr low this financial year. 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.