The RBI keeps policy repo rate under the liquidity adjustment facility (LAF) unchanged at 5.25 per cent. Consequently, the standing deposit facility (SDF) rate remains at 5.00 per cent and the marginal standing facility (MSF) rate and the Bank Rate remain at 5.50 per cent. The MPC also decided to continue with the neutral stance.
The Latest Policy Rates are as follows:
| Policy / Reserve Ratio | Rate |
|---|---|
| Policy Repo Rate | 5.25% |
| Standing Deposit Facility (SDF) Rate | 5.00% |
| Marginal Standing Facility (MSF) Rate | 5.50% |
| Bank Rate | 5.50% |
| Fixed Reverse Repo Rate | 3.35% |
| Cash Reserve Ratio (CRR) | 3.00% |
| Statutory Liquidity Ratio (SLR) | 18.00% |
The minutes of the MPC’s meeting will be published on June 19, 2026.16. The next meeting of the MPC is scheduled for August 3 to 5, 2026.
The decisions were taken at the Monetary Policy Committee (MPC) 61st meeting held from June 3 to 5, 2026, under the chairmanship of Shri Sanjay Malhotra, Governor, Reserve Bank of India. The MPC members Dr. Nagesh Kumar, Shri Saugata Bhattacharya, Prof. Ram Singh, Dr. Poonam Gupta and Shri Indranil Bhattacharyya attended the meeting.
➡️ Real GDP growth for 2026-27 is projected at 6.6 per cent, with Q1 at 6.6 per cent; Q2 at 6.3 per cent; Q3 at 6.5 per cent; and Q4 at 6.8 per cent.
➡️ Headline CPI inflation inched up to 3.4 per cent in March and 3.5 per cent in April 2026 primarily due to higher food inflation.
➡️ Fuel inflation remained modest as retail fuel prices largely remained unchanged in March and April despite the sharp spike in international energy prices.
➡️ Core (CPI excluding food and fuel) inflation remained unchanged at 3.7 per cent during January to April. Excluding precious metals, core inflation remained much lower at 2.1-2.2 per cent. This indicates that the input cost pressures, as reflected in a sharp increase in April WPI, have not yet fully manifested in CPI.
➡️ Since May, however, retail fuel prices have been raised cumulatively by 7.4 per cent for petrol and 8.4 per cent for diesel. The increase implies a direct impact of about 36 basis points on headline inflation, which, along with second order effects, would get reflected in CPI inflation in the coming months.
➡️ CPI inflation for 2026-27 is projected to be 5.1 per cent with Q1 at 4.2 per cent; Q2 at 5.1 per cent; Q3 at 5.9 per cent; and Q4 at 5.4 per cent. Core inflation is projected at 4.7 per cent for 2026-27.
➡️ The Second Advance Estimates released by the National Statistical Office (NSO) placed India’s real GDP growth at 7.6 per cent in 2025-26, owing to strong expansion in private consumption and fixed investment.
➡️ System liquidity, as measured by the net position under the LAF, stood at an average daily surplus of ₹2.63 lakh crore since the last MPC meeting in April 2026.
➡️ As per the latest available data, credit from all sources grew by 15.4 per cent (y-o-y) in 2025-26 as compared to 12.1 per cent a year ago.
➡️ During 2026-27 so far (till June 2), net FPI to India, however, witnessed outflows of US$ 13.7 billion, primarily in the equity segment.
➡️ The FDI flows have also been encouraging in April 2026. During 2026-27 so far (till June 2), net FPI to India, however, witnessed outflows of US$ 13.7 billion, primarily in the equity segment.
➡️ As on May 29, 2026, India’s foreign exchange reserves stood at a healthy US$ 682.3 billion, adequate in terms of the standard metrics of reserve adequacy including import cover (about 11 months) and external debt (89.1 per cent).
