The central bank cut rates for the third time in about six months as it said economic growth had been weaker than expected.

India is expected to cut interest rates for the first time in nearly five years on Friday to provide stimulus to its sluggish economy, with easing price pressures giving policymakers more room to manoeuvre.

The Bank of England is widely expected to cut interest rates for the third time in six months later Thursday, even though inflation remains above its target. Most economists think the nine-member Monetary Policy Committee will lower the bank's main interest rate by a quarter of a percentage point to 4.