RBI MPC Meeting: Schedule for FY 2026-27 Monetary Policy Meetings

The Reserve Bank of India (RBI) kept the policy repo rate unchanged at 5.25%, maintaining a neutral monetary policy stance after the conclusion of its latest three-day Monetary Policy Committee (MPC) meeting in February 2026. The meeting was chaired by RBI Governor Sanjay Malhotra.

Key Takeaways from RBI MPC Meeting April 2026

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Economic Growth Outlook Upgraded

The policy review comes amid stable economic momentum, supported by strong domestic demand and easing inflationary pressures. While growth has moderated from earlier peaks, India’s economic outlook remains resilient. However, reflecting rising global uncertainties, the RBI now expects GDP growth of 6.9%, revised down from earlier estimates.

The downgrade factors in risks from geopolitical tensions, elevated crude oil prices (above $100 per barrel), and potential supply chain disruptions. Despite this, domestic fundamentals remain strong, with robust consumption, investment activity, and improving manufacturing outlook.

Monetary Policy Approach

The RBI has kept the repo rate unchanged at 5.25%, continuing its pause after cumulative rate cuts of 125 basis points since February 2025.

The MPC retained a neutral stance, signalling that future policy actions will remain data-dependent and aligned with evolving macroeconomic conditions. While the broader policy cycle remains easing-oriented, recent global developments have heightened upside risks to inflation, particularly due to rising energy prices and supply-side disruptions.

The RBI reiterated its commitment to maintaining inflation within the 2–6% target band, with 4% as the CPI target, while managing excessive volatility in the currency without targeting any specific exchange rate level.

Implications for Markets

The decision to hold rates steady is expected to provide stability to financial markets. With supportive liquidity conditions and inflation currently within target range (projected at ~4.6%), the RBI’s stance aims to sustain growth while preserving macroeconomic balance.

However, global uncertainties, especially geopolitical conflicts and rising oil prices, may introduce volatility. Stable interest rates may continue to support investment decisions and maintain confidence among borrowers and businesses, while the RBI remains vigilant to emerging risks.

Here's a summary comparison of the last RBI MPC Meetings:

RBI MPC Meeting Schedule for FY 2026-27

The following table outlines the upcoming schedule for the RBI Monetary Policy Meetings for the financial year 2026-27. 

Implications of the Latest Rate Cut

With the repo rate maintained at 5.25%, borrowers are likely to benefit from stable lending rates, as banks continue to transmit the cumulative rate cuts implemented since February 2025. The pause in policy action is expected to support businesses and consumers by ensuring predictable borrowing costs, adequate liquidity, and sustained credit flow. However, with the RBI retaining a neutral stance, future rate moves will remain contingent on incoming growth and inflation data, underscoring a measured and data-driven approach to monetary policy going forward.

Stay tuned for updates on RBI’s liquidity measures and future MPC meetings in FY 2026-27.