RBI releases MPC schedule for FY26, first policy meeting to be held between April 7-9; Check full list

RBI MPC Schedule FY26: The Reserve Bank of India (RBI) released its monetary policy committee (MPC) schedule for the upcoming financial year 2025-26 (FY26), starting from April 1, 2025. The central bank highlighted in its schedule that the first policy meeting for FY26 will be conducted between April 7-9, 2025.

The RBI's rate-setting panel will then meet for its following policy meetings in June, August, October, December and February 2026. The last monetary policy meeting for FY26 will be held between February 5-7, 2026. Here are the dates of the central bank's MPC meetings to be held in FY26:

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--April 7-9, 2025

--June 4-6, 2025

--August 5-7, 2025

--September 29-October 1, 2025

--December 3-5, 2025

--February 4-6, 2026.

The six-member panel headed by RBI Governor Sanjay Malhotra has three external members. After deliberations on the prevailing domestic and economic situations, the MPC announces the bi-monthly monetary policy.

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RBI MPC February 2025 Meeting

The RBI kicked off its rate cut cycle in its first bi-monthly MPC meeting of 2025 and delivered its first interest rate cut in five years. MPC members slashed the benchmark repo rate by 25 basis points (bps) to 6.25 per cent from 6.50 per cent earlier and maintained the policy's neutral stance.

This was the first interest reduction since May 2020 and the first revision in two-and-a-half years. In his maiden monetary policy review, RBI Governor Malhotra expressed an optimistic outlook for India’s economic growth, saying the country should “aspire” to a long-term expansion of seven per cent.

The central bank's MPC decided unanimously to continue with the neutral stance and remain unambiguously focused on a durable alignment of inflation with the target while supporting growth. Consequently, the standing deposit facility (SDF) rate stands at six per cent and the marginal standing facility (MSF) rate and the Bank Rate are at 6.50 per cent.

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"Given the macroeconomic outlook when inflation is expected to align with the target, and recognising that monetary policy is forward-looking, I view a lower policy rate to be more appropriate at the current juncture," said RBI Governor Malhotra. He added that India's Union Budget proposals on agriculture and commitment to fiscal consolidation are positive for price stability and help anchor inflation expectations over the medium term.

"Monetary policy easing, coupled with good agricultural sector growth and various growth-supportive measures in the Union Budget, would boost household consumption, investment in housing, capital expenditure, etc, thereby strengthening the pick-up in aggregate demand," said Malhotra.