In its latest bi-monthly review, the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on 6 February 2026 decided to keep the key policy rate — the repo rate — unchanged at 5.25%, while retaining a ‘neutral’ monetary stance to balance inflation and growth objectives.
Policy Decision Summary:
The six-member MPC, chaired by RBI Governor Sanjay Malhotra, voted unanimously to maintain the status quo on the repo rate, signalling confidence in the current macroeconomic conditions while preserving flexibility for future policy actions based on incoming data.
Inflation Outlook:
The central bank expects retail inflation to remain within the target tolerance band of 2–6%, with CPI inflation for FY26 projected at 2.1% — marginally higher than earlier estimates. Inflation in the near term is anticipated to rise moderately in the last quarter of FY26 and through early FY27.
Growth Projections:
RBI revised upward its real GDP growth forecast for FY26 to 7.4%, reflecting resilient domestic demand supported by strong services activity and favourable trade developments. Growth estimates for the first half of FY27 also show improvement.
Regulatory Measures and Liquidity:
The RBI outlined several regulatory steps aimed at strengthening customer protection, enhancing financial inclusion, and supporting non-bank financial companies (NBFCs) and cooperative banks. Measures include draft guidelines to limit customer liability in unauthorised transactions and proposals to expand collateral-free lending to MSMEs.
Governors and policymakers also emphasised proactive liquidity management to ensure ample system liquidity and support effective monetary transmission.
Reserve Bank of India (RBI) ke Monetary Policy Committee (MPC) ne February policy review mein repo rate ko unchanged rakhne ka faisla kiya hai. RBI ne apna neutral stance continue rakha, jiska matlab hai ke future decisions inflation aur growth ke data par depend karenge.
RBI ne kaha ki inflation manageable levels par bani hui hai aur medium term mein target range ke andar rehne ki umeed hai. Central bank ne FY26 ke liye inflation projection ko stable rakha, jabki short term mein thoda fluctuation possible bataya gaya hai.
Growth outlook par RBI ka confidence dikhai diya. FY26 ke liye GDP growth forecast ko upbeat rakha gaya, jahan domestic demand, services sector ki strong performance aur improving global conditions growth ko support kar rahi hain.
Policy announcement ke dauran RBI ne liquidity ko sufficient rakhne aur financial stability ensure karne par zor diya. Saath hi, NBFCs, MSMEs aur banking sector ke liye kuch regulatory measures aur customer protection steps bhi outline kiye gaye.
Overall, RBI ka message clear raha — growth ko support karna aur inflation ko control mein rakhna, dono par balanced approach continue rahegi.