India repo rate today

Every MPC decision

Only meetings that changed the rate are listed. Hold decisions preserved the previous rate.

1. 6 Jun 2025
   5.50%-50 bps (from 6.00%)

   Third consecutive cut in 2025; growth-supportive stance with inflation back inside RBI's 2-6% tolerance band.

   2025
2. 9 Apr 2025
   6.00%-25 bps (from 6.25%)

   Second back-to-back cut. RBI signalled the start of a measured easing cycle.

   2025
3. 7 Feb 2025
   6.25%-25 bps (from 6.50%)

   First cut after a 25-month hold. Inflation moderation + slowing GDP growth.

   2025
4. 8 Feb 2023
   6.50%+25 bps (from 6.25%)

   Final hike of the post-pandemic tightening cycle. Held at 6.50% for ~24 months.

   2023
5. 7 Dec 2022
   6.25%+35 bps (from 5.90%)

   Pace slowed from 50 bps as headline CPI showed signs of easing.

   2022
6. 30 Sept 2022
   5.90%+50 bps (from 5.40%)

   Third consecutive 50 bps move in the tightening cycle.

   2022
7. 5 Aug 2022
   5.40%+50 bps (from 4.90%)

   CPI inflation above 7%; RBI moved aggressively to anchor expectations.

   2022
8. 8 Jun 2022
   4.90%+50 bps (from 4.40%)

   Russia–Ukraine commodity shock pushed inflation outside band.

   2022
9. 4 May 2022
   4.40%+40 bps (from 4.00%)

   First hike in the cycle, off-cycle MPC decision after global inflation surge.

   2022
10. 22 May 2020
    4.00%-40 bps (from 4.40%)

    Pandemic-era emergency cut; held at this floor for ~24 months.

    2020
11. 27 Mar 2020
    4.40%-75 bps (from 5.15%)

    First COVID-19 response cut.

    2020
12. 4 Oct 2019
    5.15%-25 bps (from 5.40%)

    Slowing GDP growth; pre-COVID easing cycle.

    2019
13. 7 Aug 2019
    5.40%-35 bps (from 5.75%)

    Unusual 35 bps cut signalling stronger easing intent.

    2019
14. 6 Jun 2019
    5.75%-25 bps (from 6.00%)
    2019
15. 4 Apr 2019
    6.00%-25 bps (from 6.25%)
    2019
16. 7 Feb 2019
    6.25%-25 bps (from 6.50%)

    Start of the 2019-20 easing cycle.

    2019
17. 1 Aug 2018
    6.50%+25 bps (from 6.25%)
    2018
18. 6 Jun 2018
    6.25%+25 bps (from 6.00%)
    2018
19. 2 Aug 2017
    6.00%-25 bps (from 6.25%)
    2017
20. 4 Oct 2016
    6.25%-25 bps (from 6.50%)
    2016
21. 5 Apr 2016
    6.50%-25 bps (from 6.75%)
    2016
22. 29 Sept 2015
    6.75%-50 bps (from 7.25%)
    2015
23. 2 Jun 2015
    7.25%-25 bps (from 7.50%)
    2015
24. 4 Mar 2015
    7.50%-25 bps (from 7.75%)
    2015
25. 15 Jan 2015
    7.75%-25 bps
    2015