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India Interest Rate
Last Release
Aug 10, 2023
Actual
6.5
Units In
%
Previous
6.5
Frequency
Daily
Next Release
N/A
Time to Release
N/A
Highest | Lowest | Average | Date Range | Source |
14.5 Aug 2000 | 4 May 2020 | 6.37 % | 2000-2023 | Reserve Bank of India |
In India, interest rate decisions are taken by the Reserve Bank of India's Central Board of Directors. The official interest rate is the benchmark repurchase rate. In 2014, the primary objective of the RBI monetary policy became price stability, giving less importance to government's borrowing, the stability of the rupee exchange rate and the need to protect exports. In February 2015, the government and the central bank agreed to set a consumer inflation target of 4 percent, with a band of plus or minus 2 percentage points, from the financial year ending in March 2017.
Latest Updates
The Reserve Bank of India held its benchmark policy repo at 6.5 percent for the third consecutive meeting in August 2023, matching market expectations, as inflation concerns resurfaced following higher-than-usual seasonal spikes in food prices in recent weeks. Policymakers said that the decision remains to align inflation to the RBI’s target range of 4% ± 2% while supporting economic growth. India's annual inflation accelerated for the first time in five months to 4.81% in June from May’s over-two-year low of 4.31%. The RBI also left both the standing deposit facility (SDF) rate and the marginal standing facility (MSF) at 6.25% and 6.75, respectively. The board has raised rates by an aggregate of 250bps starting from May 2022, bringing borrowing costs to a level of January 2019. Additionally, the central bank maintained its growth forecast for the fiscal year 2024 at 6.5% while raising its inflation forecast to 5.4% from 5.1%; 6.2% seen in Q2; 5.7% in Q3, and 5.2% in Q4.
India Interest Rate History
Last 12 readings