India central bank cuts key rate for first time in nearly five years to spur economy

India's central bank has cut the key repo interest rate at which it lends to commercial banks by a quarter point to 6.25%. It's India's first rate cut in almost five years, but one widely expected from the Reserve Bank of India's new governor. The move also follows the government's announcement of income tax cuts in its latest annual Budget. Businesses and analysts said the interest rate cut will also help to spur spending. Rebecca Bundhun reports from Mumbai.