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Monetary Policy Hub

RBI MPC Tracker — Repo Rate Decisions & Policy Stance

Live countdown to the next Monetary Policy Committee resolution, the current policy rate corridor, and a full archive of past RBI rate decisions with vote splits and projections.

Next MPC resolution

63rd MPC

5-7 October 2026 · announcement 10:00 AM IST

Current policy rate corridor

Repo Rate

5.25%

Policy anchor — RBI lends overnight to banks

SDF Rate

5.00%

Corridor floor — banks park surplus with the RBI

MSF Rate

5.50%

Corridor ceiling — emergency bank borrowing

Current stance

Neutral

Set at the 62nd MPC, 3-5 August 2026 · vote 6-0 to hold

Inflation vs target

4.82% against 4% ±2%

Headline CPI, August 2026

See the EMI impact of a rate changeRepo rate indicator pageFull macro release calendar

MPC decision history

  1. 62nd MPC

    3-5 August 2026 Unchanged
    5.25%
    Stance: NeutralVote: 6-0 to holdCPI projection: FY27: 4.1%GDP projection: FY27: 6.6%

    Extended pause. The Committee flagged that headline inflation had settled near the target midpoint but stayed watchful on food price risk.

  2. 61st MPC

    3-5 June 2026-25 bps
    5.25%
    Stance: NeutralVote: 5-1 to cutCPI projection: FY27: 4.0%GDP projection: FY27: 6.5%

    Third consecutive cut in the easing cycle, supported by a durable moderation in core inflation and comfortable system liquidity.

  3. 60th MPC

    7-9 April 2026-25 bps
    5.50%
    Stance: AccommodativeVote: 5-1 to cutCPI projection: FY27: 4.0%GDP projection: FY27: 6.5%

    Stance shifted to accommodative to support growth as inflation converged toward 4 percent.

  4. 59th MPC

    4-6 February 2026-25 bps
    5.75%
    Stance: NeutralVote: 4-2 to cutCPI projection: FY26: 4.4%GDP projection: FY26: 6.4%

    Start of the easing cycle after an extended hold, with two members preferring to wait for further disinflation evidence.

  5. 58th MPC

    3-5 December 2025 Unchanged
    6.00%
    Stance: NeutralVote: 6-0 to holdCPI projection: FY26: 4.8%GDP projection: FY26: 6.6%

    Held while assessing the pass-through of earlier liquidity measures into bank lending rates.

  6. 57th MPC

    6-8 October 2025-25 bps
    6.00%
    Stance: NeutralVote: 5-1 to cutCPI projection: FY26: 5.1%GDP projection: FY26: 6.6%

    First reduction after a prolonged pause, citing easing food inflation and a favourable monsoon outturn.

Upcoming MPC meeting schedule

  • 63rd MPC5-7 October 2026
  • 64th MPC3-5 December 2026
  • 65th MPC4-6 February 2027
  • 66th MPC5-7 April 2027
  • 67th MPC2-4 June 2027
  • 68th MPC4-6 August 2027

Frequently asked questions about the RBI MPC

When is the next RBI MPC meeting?

The Monetary Policy Committee holds six scheduled bi-monthly meetings each financial year. Each meeting runs over three days, and the Governor announces the resolution at 10:00 AM IST on the final day, followed by a press conference. The countdown on this page tracks the next scheduled announcement.

Who sits on the RBI Monetary Policy Committee?

The MPC has six members: the RBI Governor (Chairperson), the Deputy Governor in charge of monetary policy, one officer nominated by the RBI Board, and three external members appointed by the central government. Decisions are taken by majority vote, and the Governor holds a second, casting vote in the event of a tie.

What does the MPC stance mean?

The stance signals the likely direction of future policy. 'Accommodative' means rates are more likely to fall or stay low to support growth, 'Neutral' means the Committee can move either way depending on incoming data, and 'Withdrawal of accommodation' or 'Hawkish' means tightening bias to contain inflation. The stance often changes before the rate itself does.

What is the policy rate corridor — repo, SDF and MSF?

The repo rate is the central policy anchor. The Standing Deposit Facility (SDF) is fixed 25 basis points below it and acts as the floor at which banks park surplus liquidity with the RBI. The Marginal Standing Facility (MSF) is 25 basis points above it and acts as the ceiling for emergency borrowing. Overnight money market rates trade inside this corridor.

How quickly does an MPC rate cut reach my loan EMI?

Floating-rate retail loans linked to an External Benchmark Lending Rate (EBLR) must reset at least once every three months. So a repo rate cut typically reaches borrowers within one quarter. Banks usually keep the EMI unchanged and shorten the tenure instead, unless you explicitly ask your lender to reduce the instalment.

What is the RBI's inflation mandate?

Under the flexible inflation targeting framework, the RBI must keep headline CPI inflation at 4 percent with a tolerance band of plus or minus 2 percent. If inflation stays outside the 2 to 6 percent band for three consecutive quarters, the RBI must report to the central government explaining the failure and the corrective steps planned.

Compiled from RBI Monetary Policy Committee resolutions and the published MPC meeting calendar. Rates shown in the corridor are derived from the live repo rate using the standard 25 basis point SDF and MSF offsets.