The Reserve Bank of India held its benchmark policy repo at 6.5% for the seventh consecutive meeting in April 2024, as widely expected amid persistent price pressures. The latest move came after annual inflation stood at 5.09% in February 2024, almost unchanged from January, after hitting a four-month high of 5.69% in December 2023, staying within the RBI's 2-6% target range in the medium term. RBI Governor Shaktikanta Das reaffirmed its commitment to bring down inflation to 4%. He said that uncertainties would continue to weigh on the inflation outlook. Additionally, the central bank maintained the economic growth forecast for the fiscal year 2025 at 7%, with projections of 7.1% for Q1; 6.9% for Q2; and Q3 and Q4 at 7% each, while inflation was at 4.5%, with a projection of 4.9% for Q1; 3.8% for Q2; 4.6% for Q3, and 4.5% for Q4. The RBI also left the marginal standing facility (MSF) and bank rates unchanged at 6.75% while keeping the standing deposit facility (SDF) rate at 6.25%. source: Reserve Bank of India

The benchmark interest rate in India was last recorded at 6.50 percent. Interest Rate in India averaged 6.37 percent from 2000 until 2024, reaching an all time high of 14.50 percent in August of 2000 and a record low of 4.00 percent in May of 2020. This page provides - India Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.

The benchmark interest rate in India was last recorded at 6.50 percent. Interest Rate in India is expected to be 6.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the India Interest Rate is projected to trend around 5.50 percent in 2025 and 5.00 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-12-08 04:30 AM
RBI Interest Rate Decision
6.5% 6.5% 6.5% 6.5%
2024-02-08 04:30 AM
RBI Interest Rate Decision
6.5% 6.5% 6.5% 6.5%
2024-04-05 04:30 AM
RBI Interest Rate Decision
6.5% 6.5% 6.5% 6.5%
2024-06-07 04:30 AM
RBI Interest Rate Decision
6.5% 6.5%
2024-08-08 04:30 AM
RBI Interest Rate Decision
2024-10-09 04:30 AM
RBI Interest Rate Decision


Related Last Previous Unit Reference
Cash Reserve Ratio 4.50 4.50 percent Apr 2024
Central Bank Balance Sheet 33688.88 34671.21 INR Billion Feb 2024
Foreign Exchange Reserves 643160.00 648560.00 USD Million Apr 2024
Interbank Rate 7.28 7.29 percent Apr 2024
RBI Interest Rate 6.50 6.50 percent Apr 2024
Bank Loan Growth YoY 19.90 20.20 percent Apr 2024
Money Supply M1 59015.03 59172.21 INR Billion Jan 2024
Money Supply M2 61855.49 61560.26 INR Billion Mar 2024
M3 Money Supply YoY 253751.34 248303.18 INR Billion Apr 2024
Reverse Repo Rate 3.35 3.35 percent Apr 2024

India Interest Rate
In India, interest rate decisions are taken by the Reserve Bank of India's Central Board of Directors. The official interest rate is the benchmark repurchase rate. In 2014, the primary objective of the RBI monetary policy became price stability, giving less importance to government's borrowing, the stability of the rupee exchange rate and the need to protect exports. In February 2015, the government and the central bank agreed to set a consumer inflation target of 4 percent, with a band of plus or minus 2 percentage points, from the financial year ending in March 2017.
Actual Previous Highest Lowest Dates Unit Frequency
6.50 6.50 14.50 4.00 2000 - 2024 percent Daily

News Stream
India Leaves Rates Steady as Expected
The Reserve Bank of India held its benchmark policy repo at 6.5% for the seventh consecutive meeting in April 2024, as widely expected amid persistent price pressures. The latest move came after annual inflation stood at 5.09% in February 2024, almost unchanged from January, after hitting a four-month high of 5.69% in December 2023, staying within the RBI's 2-6% target range in the medium term. RBI Governor Shaktikanta Das reaffirmed its commitment to bring down inflation to 4%. He said that uncertainties would continue to weigh on the inflation outlook. Additionally, the central bank maintained the economic growth forecast for the fiscal year 2025 at 7%, with projections of 7.1% for Q1; 6.9% for Q2; and Q3 and Q4 at 7% each, while inflation was at 4.5%, with a projection of 4.9% for Q1; 3.8% for Q2; 4.6% for Q3, and 4.5% for Q4. The RBI also left the marginal standing facility (MSF) and bank rates unchanged at 6.75% while keeping the standing deposit facility (SDF) rate at 6.25%.
2024-04-05
India Keeps Rates Steady as Expected
The Reserve Bank of India held its benchmark policy repo at 6.5% for the sixth consecutive meeting in February 2024, as widely expected amid persistent price pressures. The latest move came after annual inflation accelerated to a four-month high of 5.69% in December due to rising food prices but stayed within the RBI's 2-6% target range in the medium term. RBI Governor reaffirmed its commitment to bring down inflation to 4% in a timely and sustainable manner. Additionally, the central bank projected economic growth for the fiscal year 2025 at 7%, with projections of 7.2% for Q1; 6.8% for Q2; 7% for Q3; and 6.9% for Q4, while expected inflation at 4.5%, with projection 5% for Q1; 4.0% for Q2; 4.6% for Q3, and 4.7% for Q4. Meantime, the inflation projection for FY2024 was unchanged at 5.4%, and GDP growth at 7.3%. The RBI also kept both the marginal standing facility (MSF) and bank rates unchanged at 6.75% while holding the standing deposit facility (SDF) rate at 6.25%.
2024-02-08
India Keeps Rates, Revises Up FY24 GDP Forecast
The Reserve Bank of India held its benchmark policy repo at 6.5 percent for the fifth consecutive meeting in December 2023 to ensure inflation stays within the central bank's 2-6% target range while supporting growth. The latest move was in line with market forecasts amid the easing cost pressures. India's annual inflation slowed to a four-month low of 4.87% in October due to a slowdown in housing and clothing & footwear prices. However, RBI Governor Shaktikanta Das warned about the possibility of accelerating inflation in November and December due to food price pressures. Additionally, the central bank revised its economic growth forecast for the fiscal year 2024 to 7% from 6.5%, with projections of 6.5% for Q3 and 6% for Q4, while maintaining its inflation projection for the current fiscal year at 5.4%. The RBI also kept both the marginal standing facility (MSF) and bank rates unchanged at 6.75% while holding the standing deposit facility (SDF) rate at 6.25%.
2023-12-08