RBI Repo Rate
The repo rate is what the RBI charges commercial banks for short-term borrowing — it's the anchor for FD rates, home/car/personal loan rates, and EMIs across India. Set by the Monetary Policy Committee (MPC) roughly every 2 months.
MPC decision history
Every rate change since the Monetary Policy Committee was formed in October 2016. Meetings that held the rate unchanged aren't listed individually — see "held for" above.
| Effective date | Rate | Change | Note |
|---|---|---|---|
| 5 Dec 2025 | 5.25% | -25 bps | — |
| 6 Jun 2025 | 5.50% | -50 bps | Jumbo 50 bps cut |
| 9 Apr 2025 | 6.00% | -25 bps | — |
| 7 Feb 2025 | 6.25% | -25 bps | First cut after ~2 years held at 6.50% |
| 8 Feb 2023 | 6.50% | +25 bps | — |
| 7 Dec 2022 | 6.25% | +35 bps | — |
| 30 Sept 2022 | 5.90% | +50 bps | — |
| 5 Aug 2022 | 5.40% | +50 bps | — |
| 8 Jun 2022 | 4.90% | +50 bps | — |
| 4 May 2022 | 4.40% | +40 bps | Emergency off-cycle hike |
| 22 May 2020 | 4.00% | -40 bps | Second emergency off-cycle cut — COVID-19 |
| 27 Mar 2020 | 4.40% | -75 bps | Emergency off-cycle cut — COVID-19 |
| 4 Oct 2019 | 5.15% | -25 bps | — |
| 7 Aug 2019 | 5.40% | -35 bps | Unconventional 35 bps cut |
| 6 Jun 2019 | 5.75% | -25 bps | — |
| 4 Apr 2019 | 6.00% | -25 bps | — |
| 7 Feb 2019 | 6.25% | -25 bps | — |
| 1 Aug 2018 | 6.50% | +25 bps | — |
| 6 Jun 2018 | 6.25% | +25 bps | — |
| 2 Aug 2017 | 6.00% | -25 bps | — |
| 4 Oct 2016 | 6.25% | — | First decision under the newly formed Monetary Policy Committee (MPC) |
About the repo rate
The repo rate (repurchase rate) is the interest rate at which the RBI lends short-term funds to commercial banks against government securities. It's the RBI's primary tool for controlling inflation and liquidity — raise it to cool an overheating economy, cut it to stimulate borrowing and growth.
Since October 2019, most Indian banks price new floating-rate retail loans (home, auto, personal) using an External Benchmark Lending Rate (EBLR) directly linked to the repo rate — so a repo cut or hike now passes through to your EMI far faster than under the old MCLR regime, typically within one quarter. Fixed deposit rates tend to move in the same direction but with more of a lag, since banks balance FD pricing against their own funding needs.
The MPC — six members, three from the RBI and three external appointees — meets roughly every two months and decides by majority vote. Data on this page reflects the MPC era only (October 2016 onward); rate history before the committee's formation is not shown.