Monetary Policy Committee (RBI)

Timeline

1. 7 Oct2026
   Economy

   RBI raises repo rate 25 bps to 5.50%, first hike since 2023¹²

   The Monetary Policy Committee voted to raise the repo rate from 5.25% to 5.50% and moved to a calibrated tightening stance, citing inflation and global oil stress. It is the first increase since February 2023.

   • MPC raised the repo rate by 25 bps from 5.25% to 5.50% on 7 October 2026
   • First hike since February 2023
   • Stance changed from neutral to calibrated tightening (two members, Nagesh Kumar and Ram Singh, preferred neutral)
   • SDF rate 5.25%; MSF and Bank Rate 5.75%
   • Governor: Sanjay Malhotra
   • Next MPC meeting 2 to 4 December 2026
2. 8 Apr2026
   Economy

   RBI holds repo rate at 5.25 percent, projects FY27 growth at 6.9 percent³⁴⁵⁶

   The RBI's MPC unanimously held the repo rate at 5.25 percent on 8 April in its first policy of FY27, keeping a neutral stance. It projected FY27 GDP growth at 6.9 percent and CPI inflation at 4.6 percent, citing oil-price risks from the West Asia war.

   • Decision announced on 8 April 2026, unanimous (all six members), neutral stance retained
   • Repo 5.25 percent; SDF 5.00 percent; MSF and Bank Rate 5.50 percent
   • FY27 GDP growth projection 6.9 percent
   • FY27 CPI inflation projection 4.6 percent; core CPI projection 4.4 percent, given for the first time
   • Quarterly CPI path: Q1 4.0, Q2 4.4, Q3 5.2, Q4 4.7 percent
3. 6 Feb2026
   Economy

   RBI MPC holds repo rate at 5.25 percent in first policy of 2026⁷⁸⁹

   The Monetary Policy Committee kept the repo rate unchanged at 5.25 percent and retained a neutral stance by a 5:1 vote at its 4-6 February meeting, following the 25 bps cut in December.

   • Meeting 4-6 February 2026 (59th MPC meeting)
   • Repo rate unchanged at 5.25 percent by unanimous vote
   • Neutral stance retained by 5:1 majority; Prof. Ram Singh favoured an accommodative stance
   • Cumulative cuts in the cycle: 125 bps (February to December 2025)
4. 5 Dec2025
   Economy

   RBI cuts repo rate by 25 bps to 5.25 percent¹⁰¹¹¹²

   The Monetary Policy Committee under Governor Sanjay Malhotra unanimously cut the policy repo rate to 5.25 percent on 5 December 2025. The RBI kept a neutral stance and raised its FY26 growth forecast to 7.3 percent.

   • Repo rate cut from 5.50 to 5.25 percent
   • Standing Deposit Facility rate 5.00 percent
   • MSF and Bank Rate 5.50 percent
   • FY26 GDP growth projection raised to 7.3 percent from 6.8 percent
   • Decision unanimous among six MPC members

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Sources

1. Reserve Bank of India
2. Business Standard
3. Outlook Money
4. Acuite Ratings
5. Share.Market
6. Kotak Mutual Fund
7. Reserve Bank of India (MPC resolution)
8. The Statesman
9. IndiaBonds
10. Business Standard
11. SCC Online
12. ICRA