The fifty-eighth meeting of the Monetary Policy Committee (MPC), constituted under Section 45ZB of the Reserve Bank of India Act, 1934, was held from December 3 to 5, 2025. After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, the MPC voted unanimously to reduce the policy repo rate under the liquidity adjustment facility (LAF) to 5.25 per cent. The next meeting of the MPC is scheduled during February 4 to 6, 2026.
The meeting was chaired by Shri Sanjay Malhotra, Governor and was attended by all the members – Dr. Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development, New Delhi; Shri Saugata Bhattacharya, Economist, Mumbai; Professor Ram Singh, Director, Delhi School of Economics, Delhi; Dr. Poonam Gupta, Deputy Governor in charge of monetary policy and Shri Indranil Bhattacharyya, Executive Director (the officer of the Reserve Bank nominated by the Central Board under Section 45ZB(2)(c) of the Reserve Bank of India Act, 1934).
All the members voted positively for reducing the Repo Rate.
| Member | Vote |
| Dr. Nagesh Kumar | Yes |
| Shri Saugata Bhattacharya | Yes |
| Prof. Ram Singh | Yes |
| Shri Indranil Bhattacharyya | Yes |
| Dr. Poonam Gupta | Yes |
| Shri Sanjay Malhotra | Yes |
Click here to download minutes PDF
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