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RBI MPC Meet 2026 LIVE: The Reserve Bank of India (RBI) announced its monetary policy decision today, 6 February 2026, Friday. The RBI Governor Sanjay Malhotra-led Monetary Policy Committee (MPC) held its sixth and the last bi-monthly policy meeting for FY26 from February 4 to February 6, and the repo rate decision was announced today.

The RBI has already cut the repo rate by a cumulative 125 basis points (bps) since February 2025. The February RBI’s MPC meeting comes close on the heels of the recently announced Union Budget 2026–2027, as well as the announcement of the India–US trade deal.

The RBI’s Monetary Policy Committee (MPC) - the six-member rate setting panel - kept repo rates unchanged at 5.25%, and maintained policy stance at 'Neutral'.

The central bank raised FY26 GDP real GDP growth projection to 7.4% from 7.3% earlier, and expects economic activity to hold up well in FY27. It raised Q1FY27 GDP growth forecast to 6.9% from 6.7%, and Q2FY27 GDO growth forecast to 7% from 6.8% earlier.

RBI MPC noted that unfavourable base effects stemming from large decline in prices observed during Q4FY25 would lead to an uptick in YoY inflation in Q4FY26.

RBI raised CPI inflation projection for FY26 to 2.1% from 2.0% earlier. It increased Q4FY26 inflation estimates to 3.2% from 2.9%, Q1FY27 to 4.0% from 3.9%, and Q2FY27 inflation estimates has been raised to 4.2% from 4.0% earlier.

In its December monetary policy, RBI had cut the repo rate by 25 bps to 5.25% from 5.50%, and decided to continue with a ‘neutral’ stance.

Stay tuned to our RBI MPC Meet 2026 LIVE Blog for the latest updates.

RBI MPC Meet 2026 LIVE: It is early, we have not done an assessment on how much the trade deal will contribute to GDP because we do not have details yet, said Sanjay Malhotra.

RBI Policy Meet 2026 LIVE: We are certainly in the same sweet spot, maybe even better because growth is looking up. Core inflation, underlying inflation, barring precious metals, is very benign…So we are in the same position, more or less same position insofar as inflation is concerned… Growth seems to be better than earlier, said Sanjay Malhotra.

RBI MPC Meet 2026 LIVE: Speaking on ‘Neutral’ policy stance, RBI Governor said that given the state of economy today and what we foresee going ahead, this is the rate that we expect. “We are in a good spot. Inflation, especially underlying inflation, is much lower and benign. I expect policy rates to continue at low levels,” said RBI Governor.

RBI MPC Meet 2026 LIVE: We are very comfortable on gold loans. There is no cause for any concern. We have been reviewing all the portfolios — gold loans, MSMEs or personal loans — and across all categories, asset quality is good. The LTV ratios for gold loans by banks and NBFCs are on the lower side, said the RBI Governor.

RBI Policy Meet 2026 LIVE: Whether you look at growth, inflation, current account or capital accounts side, near term, medium term outlook is very healthy, very favourable. On the investment side, the government has been very proactive, it has taken a number of measures, said Malhotra.

RBI MPC Meet 2026 LIVE: There is no reduction in our holdings of US treasuries, said RBI Governor.

RBI Policy Meet 2026 LIVE: I am certain that banks will be able to manage government borrowings very efficiently, says RBI Deputy Governor T Rabi Sankar.

RBI MPC Meet 2026 LIVE: RBI Governor said there was some hardening in money-market rates in December, but the transmission has been “excellent” overall. The RBI will continue to provide liquidity pre-emptively, he added.

RBI MPC Meet 2026 LIVE: Liquidity is something that is our duty to provide, ample duty as is required to meet productive needs of the economy. The number of tools we have for liquidity are VRR, OMOs and others... The second task is to ensure that monetary policy transmission happens, not only in overnight markets but in all the markets, says RBI governor Sanjay Malhotra in his post-policy press conference.

RBI Policy Meet 2026 LIVE: Key highlights of today’s RBI MPC outcome

RBI MPC Meet 2026 LIVE: While the Governor reiterated a pre‑emptive approach to liquidity management, the absence of specific announcements on additional liquidity measures disappointed the market. The current growth‑inflation dynamics suggest that the present rate‑cut cycle may have come to an end, unless growth surprises negatively. For now, we expect an extended pause in policy rates. However, the RBI may continue to infuse durable liquidity through OMOs to aid better rate‑cut transmission, particularly in the short‑tenor segment, said Vikas Garg, Head - Fixed Income, Invesco Mutual Fund.

RBI MPC Meet 2026 LIVE: Ashwini Shami, President and Chief Portfolio Manager, OmniScience Capital noted that RBI’s growth outlook remains strong, with robust domestic consumption and a stabilising external sector supported by prospective trade deals. “The RBI governor’s statement also highlighted high capacity utilisation and healthy balance sheets of corporates as well as the financial sector. Continued thrust on capital expenditure is expected to maintain growth momentum, further supported by a low inflationary environment,” Shami added.

RBI MPC Meeting: The RBI Governor flagged a range of factors behind the recent uptick in bond yields and underscored the authorities’ readiness to respond pre-emptively. Looking beyond February, we expect the RBI to maintain an extended pause, supported by a positive cyclical upswing and confidence effects stemming from the successful conclusion of US trade negotiations. We also anticipate additional open market operations over this and the next quarter, with any such measures likely to be announced outside the policy cycle, said Radhika Rao, Executive Director and Senior Economist at DBS Bank.

RBI Policy Meet 2026 LIVE: In line with the push given by the Budget to MSMEs, the RBI has increased the limit for collateral-free loans to ₹20 lakh. Hence there seems to be steady follow up action to the Budget announcements. We may expect that the rate cycle has ended and 5.25% repo rate would stand for some time before any action is taken, which is more likely in an upward direction if inflation turns out to be higher in future, said Madan Sabnavis, Chief Economist, Bank of Baroda.

RBI MPC Meeting: RBI MPC unanimously voted to keep the repo rate unchanged at 5.25% and decided to continue with a neutral policy stance. The Standing Deposit Facility (SDF) rate remains at 5.00%, Marginal Standing Facility (MSF) rate and Bank Rate remain at 5.50%.

RBI MPC Meet 2026 LIVE: The Indian stock market recovered from day’s low levels after the announcement of the RBI policy. The frontline indices, Sensex and Nifty 50, were trading flat with a negative bias. The Sensex was down by 75.18 points, or 0.09%, at 83,238.75, while the Nifty 50 was at 49.25 points, or 0.19%, lower at 25,593.55.

RBI MPC Meeting: Based on a comprehensive review of the domestic macroeconomic conditions and the outlook, the MPC was of the view that the current policy rate is appropriate. Accordingly, the MPC voted to continue with the existing policy rate. The MPC also agreed to retain the neutral stance.

However, Prof. Ram Singh retained his view that the stance be changed from neutral to accommodative. Going forward, the MPC will be guided by the evolving macroeconomic conditions and the outlook based on data from the new series in charting the future course of monetary policy.

RBI MPC Meeting: Indian economy continues to register high growth despite a challenging external environment clouded by geo-political uncertainties. Benign inflation provides the leeway to remain growth-supportive while preserving financial stability. We remain committed to meet the productive requirements of the economy and sustain the growth momentum, said RBI Governor Sanjay Malhotra.

RBI Policy Meet 2026 LIVE: RBI also proposed to issue the regulatory framework for derivatives on corporate bond indices and total return swaps on corporate bonds. It is also proposed to issue draft revised guidelines for Authorised Dealer banks and stand-alone primary dealers (SPDs), allowing them more flexibility in undertaking foreign exchange transactions.

RBI MPC Meet 2026 LIVE: RBI proposed to remove the limit of ₹2.5 lakh crore for investments under the Voluntary Retention Route (VRR). Investment through the VRR in each category of securities will be subject to the investment ceiling for the respective category under the General Route.

RBI Policy Meet 2026 LIVE: NBFCs having no public funds and customer interface, with asset size not exceeding ₹1,000 crore, are proposed to be exempted from the requirement of registration. Moreover, RBI proposed to dispense with the requirement for certain NBFCs to obtain prior approval to open more than 1,000 branches.

RBI MPC Meet 2026 LIVE: RBI raised FY26 GDP growth estimates to 7.4% from 7.3% earlier. Here are quarterly estimates:

RBI Policy Meet 2026 LIVE: RBI raises CPI inflation projection for FY26 to 2.1% from 2.0% earlier. Here are quarterly estimates:

RBI MPC Meet 2026 LIVE: RBI proposed to remove the tenor and moratorium related requirements on housing loans given by Tier III and Tier IV UCBs. To strengthen the managerial and technical capacity of the UCBs, RBI shall launch Mission-SAKSHAM (Sahakari Bank Kshamta Nirman). The mission intends to train over 1.4 lakh participants from UCBs.

RBI Policy Meet 2026 LIVE: RBI to launch a unified reporting portal for better management of Lead Bank Scheme data. The limit of ₹10 lakh for collateral-free loans to MSMEs is proposed to be increased to ₹20 lakh. To further promote financing to real estate sector, it is proposed to allow banks to lend to REITs with certain prudential safeguards.

RBI MPC Meet 2026 LIVE: For customer protection, RBI will issue three draft guidelines: one, relating to mis-selling; two, regarding recovery of loans and engagement of recovery agents; and three, on limiting liability of customers in un-authorised electronic banking transactions. It is also proposed to introduce a framework to compensate customers up to an amount of ₹25,000 for loss incurred in small-value fraudulent transactions.

RBI will also publish a discussion paper on possible measures to enhance the safety of digital payments. Such measures may include lagged credits and additional authentication for specific class of users like senior citizens.

RBI Policy Meet 2026 LIVE: Money market rates, especially for commercial papers (CPs) and certificates of deposit (CDs), tightened in January 2026 reflecting (i) moderation in surplus liquidity; (ii) excess supply from bunching of redemptions in CPs and CDs in January; and (iii) year-end seasonal effects. G-sec yields, mirroring global trends, have continued to harden over the last eight months due to a host of factors. Going ahead, the Reserve Bank will remain proactive in liquidity management and ensure sufficient liquidity in the banking system to meet the productive requirements of the economy and to facilitate monetary policy transmission. Liquidity management would be pre-emptive with sufficient allowance for unanticipated fluctuations in government balances, changes in currency in circulation, forex intervention, etc, RBI Govenror said.

RBI MPC Meet 2026 LIVE: As on 30th January, 2026, India’s foreign exchange reserves stood at $723.8 billion, providing a robust merchandise import cover of more than 11 months. Overall, India’s external sector remains resilient. We are confident of meeting our external financing requirements comfortably, said RBI Governor.

RBI Policy Meet 2026 LIVE: Near-term outlook suggests that food supply prospects remain bright on the back of healthy kharif production, adequate buffer stocks of foodgrains and favourable rabi sowing. Core inflation, barring potential volatility induced by prices of precious metals, is expected to be range-bound. Geopolitical uncertainty coupled with volatility in energy prices and adverse weather events are other possible upside risks to inflation. In terms of headline inflation trajectory, unfavourable base effects stemming from large decline in prices observed in Q4:2024-25 would lead to an uptick in y-o-y inflation in Q4:2025-26, despite the anticipated momentum being muted, said RBI Governor.

RBI MPC Meet 2026 LIVE: On the domestic front, real gross domestic product (GDP), as per the First Advance Estimates (FAE), is estimated to grow at 7.4 per cent (y-o-y) in 2025-26. Private consumption and fixed investment contributed significantly to overall growth. Net external demand, however, continued to be a drag, with imports outpacing exports. On the supply side, real GVA growth of 7.3 per cent is driven by buoyant services sector, resilient agricultural sector and revival in manufacturing activity, RBI Governor said.

RBI Policy Meet 2026 LIVE: System liquidity remained at ₹75,000 crore on daily average basis, RBI took several steps to boost liquidity in December - January. G-sec yields continued to harden over the last eight months mirroring global trends. RBI will remain pro activity in liquidity management to meet productive requirements of economy, RBI Governor Malhotra said.

RBI MPC Meet 2026 LIVE: System liquidity is now around ₹2 lakh crore, following the RBI’s measures announced in February to improve conditions, Malhotra said.

RBI Policy Meet 2026 LIVE: India continues to be a preferred destination for greenfield foreign direct investment (FDI) projects, reflecting strong investor confidence in the country’s long-term growth prospects, said RBI Governor Sanjay Malhotra.

RBI Policy Meet 2026 LIVE: RBI will present the full-year CPI inflation projection in its next policy statement in April, once more data under the new series becomes available.

RBI MPC Meet 2026 LIVE: Underlying inflation pressures remain muted, except in the case of precious metals, where global price movements have created some volatility. For most other categories, price trends are seen as stable and manageable, said RBI Governor.

RBI Policy Meet 2026 LIVE: RBI projected CPI inflation for FY26 at 2.1%. CPI inflation in Q1 FY27 is seen at 4% and Q2 at 4.2%, Q4FY26 is projected at 3.2%.

RBI MPC Meet 2026 LIVE: India will get a new series for GDP and inflation in a few days. The Indian economy remains on a steady, improving trajectory, with real GDP poised to clock a significantly higher growth of 7.4%, RBI Governor said.

RBI Policy Meet 2026 LIVE: RBI raised Q1FY27 GDP projection to 6.9% and also revised upwards Q2FY27 GDP projection to 7%.

RBI Policy Meet 2026 LIVE: MPC will be guided by evolving macroeconomic conditions​ going forward, said RBI Governor Malhotra.

RBI MPC Meet 2026 LIVE: India’s economy is in a good spot even as global uncertainties remain elevated. Current growth momentum is likely to be sustained in the coming period, signalling confidence in the near-term economic outlook despite external headwinds, said RBI Governor Sanjay Malhotra.

RBI Policy Meet 2026 LIVE: Sanjay Malhotra-led MPC keeps repo rate unchanged at 5.25%, maintains ‘neutral’ stance

RBI MPC Meet 2026 LIVE: RBI Sanjay Malhotra will deliver his monetary policy speech shortly. This will be the sixth and the last RBI monetary policy for FY26.

RBI Policy Meet 2026 LIVE: The MPC is expected to remain on status quo in terms of policy rates. As reduction in policy rates have still not translated into market yields, focus is expected to remain on measures to ensure transmission of rate cuts aggregating 125 basis points over the past year, said Basant Bafna, Head - Fixed Income, Mirae Asset Investment Managers (India) Pvt. Ltd.

With growth-inflation dynamics remaining well supported, RBI has been infusing liquidity in the form of Variable Rate Repo (VRR) Operations as well as Open Market Operations (OMOs) over the past quarter. Expectations remain on RBI communication regarding continuity of the same in view of elevated Credit-Deposit (CD) Ratios for banks. Further, in view of the Gross Borrowing Calendar for FY 2026-27, markets are also looking forward to RBI’s communication on OMOs going forward to support the Government’s Borrowing Programme, Bafna added.

RBI MPC Meet 2026 LIVE: Here are key takeaways from December RBI monetary policy today:

1] Policy Measures:

2] GDP Growth Estimates

RBI raises FY26 GDP growth estimates to 7.3% from 6.8% earlier. Here are the quarterly estimates:

3] CPI Inflation Forecast

RBI cuts FY26 CPI inflation forecast to 2% from 2.6% earlier. Here are the quarterly estimates:

4] Liquidity Measures

RBI Policy Meet 2026 LIVE: The MPC lowered rates in December 2025, along our expectations, but is expected to refrain from cutting rates further in February. Tone and guidance of the policy statement will be important, where we expect the committee to signal a preference for a nimble and forward-looking response mechanism, said Radhika Rao, Executive Director & Senior Economist, DBS Bank.

Growth impulse has been firm, with the successful conclusion of trade negotiations with the US addressing a key external risk trigger. Inflation is off lows, and January's inflation, due mid-February, which will be the first under the new series, unlikely to change the narrative materially. The rupee has continued to be under pressure but saw some relief post the US trade deal announcement. Deposit mobilisation has already been a challenge. Moreover, lowering rates further could spur further repatriation of rate-sensitive portfolio flows, she noted.

Against this backdrop, the RBI MPC is expected to vote for a pause, while the central bank undertakes direct measures to tackle liquidity, bond stability, and currency-related risks. We expect bond purchases to continue this quarter and in Apr-Jun26, said Rao.

RBI MPC Meet 2026 LIVE: The Indian stock market opened marginally lower on Friday ahead of the announcement of RBI policy. The Sensex opened 64.61 points, or 0.08%, lower at 83,249.32, while the Nifty 50 opened at 25,605.80, down by 37.00 points, or 0.14%.

RBI Policy Meet 2026 LIVE: Rupee opens 7 paise higher at 90.29 per US dollar as against Thursday’s close of 90.36 level, ahead of the RBI policy.

RBI MPC Meet 2026 LIVE: A positive trigger for the market in the form of rate cut from the MPC is unlikely today since the MPC is expected to hold rates. Any change in the stance also is unlikely. However the tone of the policy can be dovish and the Central Bank may revise the growth targets for FY27 upwards improving sentiments, said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments .

RBI Policy Meet 2026 LIVE: The government in its budget announced growth structural measures such as creating market-making framework, introduction of corporate bond indices, allowing TRS and importantly increased the incentive for municipal bond issuances to ₹100 cr for issuances upto ₹1,000 cr. Fiscal prudence has been followed with deficit for FY26 at 4.4% target and projections for FY27 lower at 4.3%

The net government borrowing program was as expected at ₹11.7 lac crores but the gross plan at ₹17.2 lac crores was higher than market expectations. The market has seen a knee-jerk reaction with government bond yields moving higher and benchmark 10y rose to 6.77% yield which is higher than last year when the 125bps RBI rate cuts began. The long end rates and steep yield curve is not good for any economy and transmission of rate cuts get blunted.

However, the solution to this technical market breakdown should not be that difficult. Globally in the US and EU, government bond issuances have been in the shorter maturity buckets to keep pressure of long rates. RBI on the other hand has been issuing very long bonds with 15y+ duration which has caused the market widening. All the Central Bank needs to do is edit its borrowing calendar and issue much shorter maturity bonds to ease the pressure on widening rates and actually help in borrowing rates to come down for companies and governments.

Hence, we remain constructive on the long end rates at this stage and await the RBI policy today which should address market concerns. Interestingly for retail, the short end 2-3y segment of corporate bonds have remained very resilient over the past few months. Time is deal for investors to allocate much more to fixed income given the volatility in equity and meltdown in metals market. Bond portfolio can have barbell strategy with short maturity 2-3 year high yield corporate bonds with long end government bonds in anticipation of RBI action. General direction of interest rates globally remain lower and same would hold true for India, said Vishal Goenka, Co-Founder of IndiaBonds.com.

RBI MPC Meet 2026 LIVE: The RBI’s Monetary Policy Committee will meet from February 4 to February 6 to preview the current monetary policy stance. The policy outcome will be announced by the RBI Governor at 10 AM on February 6, followed by a press conference at noon.

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