India got a new central bank governor on Wednesday as the country’s economic growth slows and inflation surges. Sanjay Malhotra, a career civil servant, was appointed to a three-year term as head of the Reserve Bank of India,

India's central bank expectedly kept the benchmark interest rate unchanged at 6.50% on Friday as it struggles to contain rising inflation without hurting growth in Asia's third-largest economy.

MUMBAI -- The Reserve Bank of India (RBI) on Friday held its benchmark interest rate at 6.5% as inflation soared beyond the central bank's mid-term tolerance band. Even though India's economic growth has slowed, a strong majority of economists has predicted that the central bank would hold to combat inflation.