The RBI repo rate today is 5.50%, raised by 25 basis points at the Monetary Policy Committee meeting of 7 October 2026.
The repo rate is the rate at which the Reserve Bank of India lends overnight to banks. The six-member Monetary Policy Committee (MPC) decides it at six scheduled meetings a year. At its latest meeting, held from 5 to 7 October 2026, it raised the rate from 5.25% to 5.50% by a 6-0 vote, its first increase since February 2023, and changed its stance from neutral to calibrated tightening; two members preferred to keep the stance neutral. The next meeting is on December 2, 3 and 4, 2026.
Current RBI policy rates
| Rate | Level |
|---|---|
| Repo rate | 5.50% |
| Standing Deposit Facility (SDF) | 5.25% |
| Marginal Standing Facility (MSF) | 5.75% |
| Bank Rate | 5.75% |
| Cash Reserve Ratio (CRR) | 3.00% |
| Statutory Liquidity Ratio (SLR) | 18.00% |
Repo rate history since 2019
| Decision date | Repo rate | Change | Stance |
|---|---|---|---|
| 7 October 2026 | 5.50% | Hike 25 bps | Changed from neutral to calibrated tightening |
| 5 August 2026 | 5.25% | No change | Neutral |
| 5 June 2026 | 5.25% | No change | Neutral |
| 8 April 2026 | 5.25% | No change | Neutral |
| 6 February 2026 | 5.25% | No change | Neutral |
| 5 December 2025 | 5.25% | Cut 25 bps | Neutral |
| 1 October 2025 | 5.50% | No change | Neutral |
| 6 August 2025 | 5.50% | No change | Neutral |
| 6 June 2025 | 5.50% | Cut 50 bps | Changed from accommodative to neutral |
| 9 April 2025 | 6.00% | Cut 25 bps | Changed from neutral to accommodative |
| 7 February 2025 | 6.25% | Cut 25 bps | Neutral |
| 6 December 2024 | 6.50% | No change | Neutral |
| 9 October 2024 | 6.50% | No change | Changed from withdrawal of accommodation to neutral |
| 8 August 2024 | 6.50% | No change | Withdrawal of accommodation |
| 7 June 2024 | 6.50% | No change | Withdrawal of accommodation |
| 5 April 2024 | 6.50% | No change | Withdrawal of accommodation |
| 8 February 2024 | 6.50% | No change | Withdrawal of accommodation |
| 8 December 2023 | 6.50% | No change | Withdrawal of accommodation |
| 6 October 2023 | 6.50% | No change | Withdrawal of accommodation |
| 10 August 2023 | 6.50% | No change | Withdrawal of accommodation |
| 8 June 2023 | 6.50% | No change | Withdrawal of accommodation |
| 6 April 2023 | 6.50% | No change | Withdrawal of accommodation |
| 8 February 2023 | 6.50% | Hike 25 bps | Withdrawal of accommodation |
| 7 December 2022 | 6.25% | Hike 35 bps | Withdrawal of accommodation |
| 30 September 2022 | 5.90% | Hike 50 bps | Withdrawal of accommodation |
| 5 August 2022 | 5.40% | Hike 50 bps | Withdrawal of accommodation |
| 8 June 2022 | 4.90% | Hike 50 bps | Withdrawal of accommodation |
| 4 May 2022 | 4.40% | Hike 40 bps | Accommodative, focus on withdrawal of accommodation |
| 8 April 2022 | 4.00% | No change | Accommodative, focus on withdrawal of accommodation |
| 10 February 2022 | 4.00% | No change | Accommodative |
| 8 December 2021 | 4.00% | No change | Accommodative |
| 8 October 2021 | 4.00% | No change | Accommodative |
| 6 August 2021 | 4.00% | No change | Accommodative |
| 4 June 2021 | 4.00% | No change | Accommodative |
| 7 April 2021 | 4.00% | No change | Accommodative |
| 5 February 2021 | 4.00% | No change | Accommodative |
| 4 December 2020 | 4.00% | No change | Accommodative |
| 9 October 2020 | 4.00% | No change | Accommodative |
| 6 August 2020 | 4.00% | No change | Accommodative |
| 22 May 2020 | 4.00% | Cut 40 bps | Accommodative |
| 27 March 2020 | 4.40% | Cut 75 bps | Accommodative |
| 6 February 2020 | 5.15% | No change | Accommodative |
| 5 December 2019 | 5.15% | No change | Accommodative |
| 4 October 2019 | 5.15% | Cut 25 bps | Accommodative |
| 7 August 2019 | 5.40% | Cut 35 bps | Accommodative |
| 6 June 2019 | 5.75% | Cut 25 bps | Changed from neutral to accommodative |
| 4 April 2019 | 6.00% | Cut 25 bps | Neutral |
| 7 February 2019 | 6.25% | Cut 25 bps | Changed from calibrated tightening to neutral |
The repo rate fell from 6.50% in February 2019 to 5.25% after the December 2025 cut, and rose to 5.50% in October 2026. Before April 2022 the RBI’s floor rate was the reverse repo; since then it has been the Standing Deposit Facility.
Questions
What is the current repo rate?
5.50%, set by the RBI’s Monetary Policy Committee, which raised it by 25 basis points from 5.25% at its meeting ending 7 October 2026.
When is the next RBI MPC meeting?
December 2, 3 and 4, 2026. See the full RBI MPC meeting schedule.
What are the SDF and MSF rates?
The Standing Deposit Facility rate is 5.25% and the Marginal Standing Facility rate is 5.75%, either side of the 5.50% repo rate. The Bank Rate is also 5.75%.
What does the calibrated tightening stance mean?
In its 7 October 2026 resolution the MPC said the stance signals that rate cuts are off the table in the near term, and that its next action can only be a rate hike or a pause, depending on how growth and inflation develop.
Sources: Reserve Bank of India, Monetary Policy Statements and MPC resolutions from February 2019 to the Resolution of the Monetary Policy Committee of October 5 to 7, 2026 (press release of 7 October 2026), the Statement on Developmental and Regulatory Policies of 7 October 2026, and the RBI’s current rates, published on rbi.org.in. Last checked: 7 November 2026. Compare deposit returns in bank FD rates and see all money tools.