The Reserve Bank of India’s Monetary Policy Committee (MPC), chaired by Governor Sanjay Malhotra, on Wednesday kept the benchmark repo rate unchanged at 5.25 per cent, opting for continuity amid global uncertainty and evolving inflation dynamics. The governor revealed that the decision was taken unanimously by the panel.
The MPC also opted to maintain a ‘Neutral’ stance on the economy going forward.
The decision, widely anticipated by markets, comes at a time when policymakers are balancing rising external risks with steady domestic growth.
Key Rates Remain Unchanged
With the latest decision, the Standing Deposit Facility (SDF) rate remains at 5 per cent, while the Marginal Standing Facility (MSF) and the bank rate continue at 5.5 per cent each.
The MPC also retained its ‘neutral’ policy stance, signalling flexibility as it navigates the evolving macroeconomic environment.
Continuity After February Pause
The April decision follows the February 2026 policy review, where the central bank had also held rates steady after cumulative rate cuts of 125 basis points during FY26.
The MPC had then emphasised the need to assess the impact of earlier rate cuts before taking further action, a theme that continues to shape policy thinking.
