All you need to know about RBI repo rate changes: timeline

By Bricksnwall | 2026-09-06

Here is the list of RBI announcements on changes in Repo Rates since 2020. Read on.

Changes in the Repo Rate in 2026

5 August 2026: MPC resolved to leave the policy repo rate unchanged at 5.25 per cent and maintain its stance neutral. The Reserve Bank of India has estimated real GDP growth at 6.7 per cent for 2026-27 and average Consumer Price Index (CPI) inflation at 5.0 per cent during the year. Headline inflation is likely to climb, fueled in particular by supply side pressures on food and gasoline prices. The forecast for inflation is still uncertain on account of the southwest monsoon, El Nino circumstances, geopolitical developments and changes in global trade policy.

June 5, 2026: In the latest Monetary Policy Committee (MPC) meet, the RBI held the repo rate constant at 5.25 percent and maintained a neutral stance indicating a wait and watch approach due to increased global uncertainties and geopolitical concerns in West Asia. The central bank revised its FY27 inflation prediction up to 5.1 percent from previous 4.6 percent due to higher crude oil prices, currency volatility and weather associated risks. It also trimmed its FY27 GDP growth forecast to 6.6 percent from 6.9 percent. RBI has held the position, with a wait-and-watch strategy to see the changing inflationary pressures, maintaining the borrowing rates unchanged for house loan borrowers and businesses.

8 April 2026: Repo rate fixed at 5.25 per cent and policy stance neutral in this MPC meeting (first review meeting of FY 2026-27). Steady view. FY27 inflation was estimated at 4.6 per cent. The rate on the Standing Deposit Facility (SDF) was maintained at five per cent and the rate on the Marginal Standing Facility (MSF) at 5.5 per cent. The RBI kept rates unchanged, balancing growth and inflation, as it sees risks from geopolitical tensions, increasing oil prices and weather-related disruptions.

RBI remains neutral, left repo rate unchanged at 5.25 percent in the first MPC meeting of the year Feb 6, 2026 This follows a series of small rate cuts in 2025 when the central bank opted to pause and assess the impact of its earlier easing on inflation and economic growth. This aided in stabilizing the EMIs and rates of interest on the loans supplied by the banks.

Change in Repo Rate for 2025

MPC meet, December 5, 2025: RBI cuts repo rate by 25 bps to 5.25% The inflation was coming down and the economy was expanding and the committee kept its policy stance. to increase the flow of credit and ease the requirements for borrowing to strengthen the global financial momentum prior to 2026.

October 1, 2025: RBI indicated repo rate will remain unchanged at 5.5 percent with a neutral monetary policy stance. The U.S. enacted tariffs as a choice to bolster economic stability in the wake of shifting market conditions. The RBI on June 6, 2025 lowered the rate by 50 bps to 5.5%. This is 100 bps below the Feb 2025 level. In addition, the policy stance had shifted from accommodative to neutral.

April 9, 2025: The MPC meeting of the RBI was held from April 7, 2025 to April 9, 2025. Another decrease was announced and the repo rate was brought down to six per cent from 6.25 per cent. The committee also changed from neutral to accommodative with the 25-bps decrease.

Feb 7, 2025: RBI reduces repo rate by 25 bps at MPC meet. The repo rate was remained unchanged at 6.25 per cent against 6.50 per cent. The committee adopted a policy of neutrality. The RBI had otherwise projected headline inflation at 4.2 per cent and Gross Domestic Product (GDP) at 6.7 per cent. The real estate industry is hoping this move in benchmark repo rate will spur interest for house buying.

Repo Rate Changes in the Year 2024

December 6, 2024: The repo rate stayed unchanged at 6.50 percent with the RBI-led Monetary Policy Committee announcing no adjustment for the 11th consecutive time. The six-member panel also agreed to retain the monetary policy stance at “neutral” as it did before. This was a hint that the house loan EMIs will not change. In fact, the unchanged repo rate was expected to encourage more home buyers to step forward confidently in their home buying journey.

October 9, 2024: The RBI-led MPC made no changes for the ninth time in a row, keeping the repo rate constant. Home loan borrowers welcomed the development as good news with the fixed rate currently pegged at 6.50 percent. But after two years of consistency, the six-member panel agreed to change the policy posture from withdrawal of accommodation to neutral. This implied the prospect of rate adjustments in the next quarters.

August 8, 2024: Repo rates were held steady for the ninth straight time at the bi-monthly meet of the RBI’s Monetary Policy Committee. The same meeting also accepted the resolution to maintain the withdrawal of accommodating attitude. The repo rate remained at 6.50 percent pending additional changes.

June 7, 2024: The Reserve Bank of India opted to hold the repo rate unchanged at 6.50 percent. The rate has remained steady for the seventh straight time. The move was probably intended to spark hope among new house purchasers and to quicken the pace of growth in the real estate business.

April 5, 2024: RBI Governor Shaktikanta Das kept repo rate unchanged at 6.50 percent. This was the seventh consecutive meeting where the MPC has opted to leave the key policy interest rate steady, underlining the withdrawal of accommodation and commitment to bring inflation down to the four percent objective.

February 8, 2024: The Reserve Bank of India (RBI) has maintained the repo rate at 6.50 per cent. This was the sixth consecutive meeting in which the MPC decided to keep the repo rate unchanged, citing the continued retail inflation over the 4 percent objective.

2023 Repo Rate Changes

The RBI has kept the repo rate constant at 6.50 per cent in its fifth MPC meeting for FY 2023-24, ending today, December 8, 2023.

RBI has maintained the repo rate at 6.50 percent in the fourth MPC meeting of Financial Year 2023-24 which was conducted on October 6, 2023.

10th August 2023: RBI adopted an accommodative approach in the 3rd MPC meeting of FY 2023-24. The repo rate was kept at 6.50 percent and the inflation forecast was raised 0.3 percent.

June 8, 2023: RBI Keeps Status Quo in 2nd MPC Meeting of FY 2023-24. Global inflation was the reason it held the repo rate at 6.50 percent.

In the first Monetary Policy Committee (MPC) meeting of the Financial Year (FY) 2023-24, on April 6, 2023, RBI kept the repo rate unchanged. The repo rate was 6.50 per cent.

February 8, 2023: RBI hiked repo rate for the sixth time. The repo rate was hiked by 25 bps to 6.50 per cent. This was the last hike in FY 2022-23 after five hikes on May 4, 2022, June 8, 2022, August 5, 2022, September 30, 2022 and December 7, 2022.

Repo Rate Changes in 2022

December 7, 2022: RBI hikes repo rate by 35 bps. This was the fifth hike in 2022 after a 40 bps boost on May 4, 2022 and three consecutive 50 bps hikes on June 8, 2022, August 5, 2022 and September 30, 2022. The adjustment saw repo rate revised to 6.25 per cent.

September 30, 2022: RBI hikes repo rate by another 50 bps. This was the fourth straight increase after three earlier surges- 40 bps rise on May 4, 2022, 50 bps boost each on June 8, 2022, and August 5, 2022. The changes brought the repo rate to 5.9 percent.

August 5, 2022: RBI hikes repo rate by another 50 bps. This was the third higher revision this year after two prior hikes of 40bps and 50bps on May 4, 2022 and June 8, 2022 respectively. The repo rate has been cut to 5.4 per cent.

On June 8, 2022, the RBI hiked the repo rates by 50 bps. This was the second rise this year after a 40-bps hike on May 4, 2022. The reduced repo rate was 4.9 percent.

May 4, 2022: The RBI, at its off-cycle MPC meeting raised the repo rates by 40 basis points (bps) for the first time in the past two years. Now the repo rate revised to 4.40 per cent. However, the reverse repo rate was maintained at 3.35 percent.

The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) on April 8, 2022, for the 11th time in a row, kept the repo rate and reverse repo rate unchanged. The top monetary authority left the repo rate unchanged at four per cent with a tolerance of two per cent on the higher and lower side and the reverse repo rate at 3.35 per cent.

The marginal standing facility (MSF) rate and bank rate stayed unchanged at 4.25 per cent with no change in policy rates. The RBI thus projected real gross domestic product (GDP) growth for FY23 at 7.2 percent.

What is the impact of new repo rate on home loan EMIs

In the Monetary Policy Committee (MPC) sessions in February, April, June and August 2026, the RBI has maintained the repo rate at 5.25 per cent. The central bank likewise maintained its policy stance at neutral. The Indian economy is expected to grow by 6.7 percent in 2026-27 and inflation will be 5.0 percent, RBI estimates.

This is good for home loan borrowers as EMIs linked to the repo rate are likely to remain stable in the near term. There will be no more rate reduction for now but consumers are still enjoying the benefits of the cheaper borrowing that came with the rate cuts in 2025.

The RBI’s cautious posture is a balancing act between promoting GDP and managing the upside risks to inflation mainly from food and fuel supply concerns, monsoon uncertainties, El Nino and global trade tensions. The constant interest rate scenario gives a sense of stability to potential house purchasers and makes it easier for them to budget their finances and project their EMIs in the long term.

The repo rate has moved from 6.5 percent to 5.25 percent in the last few years in line with changing economic conditions. The RBI’s decision to keep rates steady in 2026 suggests a focus on balancing inflation control with economic growth, even with rate cuts in 2025 easing borrowing conditions. With the Central Bank constantly monitoring changes in the local and global economy, the current interest rate environment provides some consistency on loan servicing costs to borrowers and homebuyers.