India's central bank said on Wednesday it will infuse $21 billion in rupee liquidity into the banking system in a bid to ease lending conditions and boost economic growth.

India’s monetary authority will pump in another $21.5 billion worth of cash via bond purchases and a forex swap as the banking system braces for financial year-end tightness in liquidity before March 31.

Continuing measures to inject liquidity into the banking system, the Reserve Bank on Wednesday said it will conduct open market purchases of government securities and undertake USD/INR swaps totalling

Inflation in India has mostly remained within the Reserve Bank of India's (RBI) target range of 2-6%, prompting the central bank to cut its key repo rate in February. The RBI lowered the interest rate to 6.25% from 6.50% and is expected to ease further to boost the economy.

The seasonally adjusted HSBC India Services Purchasing Managers’ Index rose to 59 in February from 56.5 in January, remaining comfortably above the 50-point mark that separates expansion from contraction.

Russia's services sector saw its slowest growth in six months in February, a business survey showed on Wednesday, as new order growth slowed. The S&P Global Purchasing Managers' Index for Russian services fell to 50.