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Whether the outlook for growth was benign or worrisome, tariffs ensured that all members were wary of taking action
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In a world marked by uncertainty, anchoring expectations and a data-driven policy approach remain key to preserving macroeconomic stability
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A calibrated approach while steering policies to bolster domestic growth and preparing to act if external shocks, especially tariffs, begin to weigh more heavily on recovery can be the most prudent way forward. RBI will thus remain data dependent, closely tracking the evolving developments, especially on external front
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With unchanged rates in this meeting, an extended pause is now underway. By the time the data starts showing a slowdown in quarterly GDP growth prints, inflation will likely have normalised to above 4%. This would surely constrain further monetary easing, going ahead
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RBI Governor Sanjay Malhotra clarified, "I never said UPI cannot be free forever. The question, I believe, was whether charges like MDR would be passed on to consumers. I responded by saying that there are costs involved."
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The rate-setting panel unanimously decided to continue with the 'neutral' policy stance, governor Sanjay Malhotra said
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India is not defending Russia’s war in Ukraine. It is defending its sovereign right to economic stability in the face of volatile global energy politics. It defends the principle that developing economies should not be asked to make sacrifices that wealthier nations themselves are unwilling to make
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The package of measures will provide some certainty in the times of uncertainty and is expected to support growth, says RBI Governor Sanjay Malhotra
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The Reserve Bank of India surprised analysts last week by cutting interest rates more than expected and announcing a cash boost for banks
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The index surged over 1.3 percent intraday to cross the 56,500 mark for the first time, hitting a peak of 56,597.45.
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RBI also plans to revise instructions related to partial credit enhancement, fulfilling a key budget announcement made by FM earlier this year
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Despite domestic strengths, the RBI’s Monetary Policy Report cautioned against external risks such as rising protectionist measures, geopolitical tensions, supply chain pressures, and volatile global financial conditions.
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According to the RBI's Sectoral Deployment of Bank Credit released on March 27 showed that credit extended to borrowers for loans against gold jewellery rose sharply in February 2025, coinciding with a record rise in gold prices, with gold loan portfolio at the end of the month rising by 87.4 percent as compared to a growth of 15.2 percent a year ago.
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Under the existing framework, co-lending is limited to partnerships between banks and NBFCs and exclusively focused on PSL categories
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The cost of capital is central to the RBI’s policy in its efforts to keep inflation-growth dynamics conducive
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The Standing Deposit Facility (SDF) rate remains unchanged at 6.5 percent, as do the Marginal Standing Facility (MSF) and bank rates, indicating a cautious yet accommodative monetary policy stance, says RBI Guv
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Talking extensively about some of the proposed regulatory changes, the RBI governor for the first time went beyond the usual narrative of taking a consultative approach in decision making to spell out the trade-offs in the regulatory decision making process.
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The clamour for a rate cut is rising. Will the MPC blink as the rate-setting panel gears up for the next review of the monetary policy from December 4 to 6?
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The RBI’s mention of the “risk of overtightening” amid a fluid global backdrop strengthens our view that domestic policy reversal will be a function of global dynamics.
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The MPC must rethink its composition and not only look at an odd-numbered set-up but also the kind of representation it needs. Given the sheer diversity of the Indian macroeconomy and the complexity encountered in policymaking, a reformed MPC must include representatives of the financial institutions, along with the current composition
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RBI MPC Meeting Highlights: The RBI on August 10 maintained the GDP growth projection for the current fiscal year at 6.5 percent and slightly increased the inflation projection to 5.4 percent, attributing this adjustment to the rise in vegetable prices, including tomatoes.
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Inflation expectations are keenly eyed by policymakers as anchoring them is critical to ensuring price stability
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The trading range for bond yields has been revised by traders after the RBI unexpectedly paused the rate hike, which helped yields to ease.
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After frontloaded rate hikes since May 2022, there could be a strong case now to put a brake on monetary tightening. Much of the impact of the front-loaded policy action is yet to be felt in the real economy.
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The RBI will not be able to relax unless it sees a decisive move down in inflation and a durable disinflation process has set in.
