India’s central bank has released the timeline for its key rate-setting meetings for the upcoming financial year. The Reserve Bank of India (RBI) announced the Monetary Policy Committee (MPC) calendar for FY27, with the first meeting scheduled for April 6–8, 2026.
As per the usual process, the 6-member MPC votes on the policy resolution on the 3rd day of the meeting, after which the RBI Governor announces the decision.
The 2nd bi-monthly policy meeting will take place from June 3–5, followed by similar 3-day meetings in August, October, December, and February.
Full MPC schedule for FY27:
- April 6, 7, 8, 2026
- June 3, 4, 5, 2026
- August 3, 4, 5, 2026
- October 5, 6, 7, 2026
- December 2, 3, 4, 2026
- February 3, 4, 5, 2027
The MPC is responsible for setting the benchmark repo rate to manage inflation. It consists of 6 members, including 3 RBI officials and 3 external members appointed by the central government.
The committee decides policy based on domestic and global economic conditions, with a strong focus on retail inflation trends.
At its last meeting in February, the MPC kept the repo rate unchanged at 5.25%.
India’s inflation targeting framework was first notified on August 5, 2016, for the period 2016–2021. It was later retained in March 2021 for another 5 years until March 2026. A fresh review of the inflation target is due by the end of March 2026.
Globally, major central banks have also maintained a pause on rate changes. On March 18, the US Federal Reserve kept its policy rate unchanged at 3.75%, in line with expectations. Other central banks, including the European Central Bank (ECB), Bank of Japan, and Bank of England, have also held rates steady amid rising crude oil prices and inflation concerns.
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