RBI MPC meeting 2026: Policy review from February 4-6; rate decision due on February 6

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Last Updated: 3rd February 2026 - 05:54 pm

Summary:

The Reserve Bank of India will be holding its Monetary Policy Committee meeting from February 4 to 6, 2026. Governor Sanjay Malhotra will announce the policy decision on February 6.
 

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After multiple rate cuts in 2025 and the Union Budget announcement, markets expect the central bank to keep the repo rate unchanged amid steady growth and contained inflation.

The Reserve Bank of India (RBI) will conduct its next Monetary Policy Committee (MPC) meeting between February 4 and February 6, 2026. The policy outcome will be announced on February 6, followed by a press briefing by RBI Governor Sanjay Malhotra.

This will be the final policy review of the current financial year and comes soon after the presentation of the Union Budget.

Previous policy action

In the December 2025 meeting, the MPC reduced the repo rate by 25 basis points to 5.25%. The Standing Deposit Facility rate was adjusted to 5.00%, while the Marginal Standing Facility and Bank Rate were set at 5.50%.

The December cut marked the fourth rate reduction during 2025, taking the total easing for the year to 125 basis points. The policy stance remained neutral.

Expectations for February

Most market participants expect the RBI to maintain the status quo on interest rates.
Growth indicators have remained steady, while inflation has stayed within the central bank’s target range. With fiscal measures already outlined in the Budget, analysts believe the RBI may prefer to wait and assess the impact before taking further steps.

What to watch

Investors will track the RBI’s commentary on inflation, liquidity and growth trends, along with guidance on the future policy path.

A pause in rates could indicate a preference for stability in the near term.

The policy statement and Governor’s address on February 6 will provide further clarity.

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