RBI Monetary Policy 2026

Through the first half of 2026, the Reserve Bank's Monetary Policy Committee held the repo rate steady at 5.25% across three consecutive reviews — February, April and June — even as an escalating West Asia conflict pushed energy costs higher and clouded the growth-inflation outlook. Governor Sanjay Malhotra's six-member panel kept a neutral stance at each meeting while its FY27 growth and inflation forecasts moved further apart as the conflict wore on: growth projections were trimmed and inflation projections raised between April and June. The June 5 statement also carried a fresh package of measures to pull foreign currency into the economy, covered in a companion note.