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The rate at which the Reserve Bank of India lends to commercial banks. Set by the Monetary Policy Committee.
Effective 6 Jun 2025 -50 bps
MPC context:Third consecutive cut in 2025; growth-supportive stance with inflation back inside RBI's 2-6% tolerance band.
Only meetings that changed the rate are listed. Hold decisions preserved the previous rate.
Third consecutive cut in 2025; growth-supportive stance with inflation back inside RBI's 2-6% tolerance band.
Second back-to-back cut. RBI signalled the start of a measured easing cycle.
First cut after a 25-month hold. Inflation moderation + slowing GDP growth.
Final hike of the post-pandemic tightening cycle. Held at 6.50% for ~24 months.
Pace slowed from 50 bps as headline CPI showed signs of easing.
Third consecutive 50 bps move in the tightening cycle.
CPI inflation above 7%; RBI moved aggressively to anchor expectations.
Russia–Ukraine commodity shock pushed inflation outside band.
First hike in the cycle, off-cycle MPC decision after global inflation surge.
Pandemic-era emergency cut; held at this floor for ~24 months.
First COVID-19 response cut.
Slowing GDP growth; pre-COVID easing cycle.
Unusual 35 bps cut signalling stronger easing intent.
Start of the 2019-20 easing cycle.