India Interest Rate  2000-2018 | Data | Chart | Calendar | Forecast | News

The Reserve Bank of India left its key policy rate steady at 6 percent for the fourth meeting on April 5th 2018, matching market expectations. Policymakers said once again the decision is consistent with the neutral stance of monetary policy aiming to achieve the medium-term inflation target of 4 percent +/- 2 percent, while supporting growth. The reverse repo rate was also left on hold at 5.75 percent and the marginal standing facility rate and the Bank Rate at 6.25 percent. Interest Rate in India averaged 6.66 percent from 2000 until 2018, reaching an all time high of 14.50 percent in August of 2000 and a record low of 4.25 percent in April of 2009.

India Interest Rate
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India Leaves Monetary Policy Unchanged


The Reserve Bank of India left its key policy rate steady at 6 percent for the fourth meeting on April 5th 2018, matching market expectations. Policymakers said once again the decision is consistent with the neutral stance of monetary policy aiming to achieve the medium-term inflation target of 4 percent +/- 2 percent, while supporting growth. The central bank lowered inflation forecasts to 4.5 percent for Q4 of the current fiscal year (January to March 2018) from 5.1 percent. GDP growth for 2018-19 is seen higher at 7.4 percent from 6.6 percent in 2017-2018.

Excerpts from the RBI Press Release:

The 6th bi-monthly resolution of 2017-18 in February projected CPI inflation at 5.1 per cent in Q4:2017-18; and in the range of 5.1-5.6 per cent in H1:2018-19 and 4.5-4.6 per cent in H2, including the HRA impact, with risks tilted to the upside. Actual inflation outcomes in January-February averaged 4.8 per cent, largely reflecting the sharp decline in vegetable prices and significant moderation in fuel group inflation. The available information suggests that vegetable prices continued to moderate in March as well. Accordingly, inflation in Q4:2017-18 is now projected at 4.5 percent.

Projected CPI inflation for 2018-19 is revised to 4.7-5.1 per cent in H1:2018-19 and 4.4 per cent in H2, including the HRA (house rent allowance) impact for central government employees, with risks tilted to the upside. Excluding the impact of HRA revisions, CPI inflation is projected at 4.4-4.7 per cent in H1:2018-19 and 4.4 per cent in H2.

Turning to the growth outlook, several factors are expected to accelerate the pace of economic activity in 2018-19. First, there are now clearer signs of revival in investment activity as reflected in the sustained expansion in capital goods production and still rising imports, albeit at a slower pace than in January. Second, global demand has been improving, which should encourage exports and boost fresh investment. On the whole, GDP growth is projected to strengthen from 6.6 per cent in 2017-18 to 7.4 per cent in 2018-19 – in the range of 7.3-7.4 per cent in H1 and 7.3-7.6 per cent in H2 – with risks evenly balanced.

The reverse repo rate was also left on hold at 5.75 percent and the marginal standing facility rate and the Bank Rate at 6.25 percent.


RBI | Joana Taborda | joana.taborda@tradingeconomics.com
4/5/2018 9:51:11 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-12-06 09:00 AM RBI Interest Rate Decision 6.00% 6% 6% 6%
2018-02-07 09:00 AM RBI Interest Rate Decision 6% 6% 6%
2018-04-05 09:00 AM RBI Interest Rate Decision 6% 6% 6%
2018-06-06 09:00 AM RBI Interest Rate Decision 6% 6%
2018-08-01 09:00 AM RBI Interest Rate Decision 6%
2018-10-04 09:00 AM RBI Interest Rate Decision 6%


India Money Last Previous Highest Lowest Unit
Interest Rate 6.00 6.00 14.50 4.25 percent [+]
Cash Reserve Ratio 4.00 4.00 10.50 4.00 percent [+]
Interbank Rate 6.31 6.27 12.97 3.10 percent [+]
Money Supply M1 29755.30 29203.50 29755.30 80.15 INR Billion [+]
Money Supply M2 32378.01 31201.67 32378.01 1127.49 INR Billion [+]
Money Supply M3 139620.96 136775.74 139620.96 123.52 INR Billion [+]
Central Bank Balance Sheet 16298.72 18996.03 23419.03 1624.31 INR Billions [+]
Foreign Exchange Reserves 417700.00 418940.00 426080.00 29048.00 USD Million [+]
Loan Growth 12.60 11.50 18.70 4.10 percent [+]
Reverse Repo Rate 5.75 5.75 13.50 3.25 percent [+]


India Interest Rate

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. This page provides - India Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India Interest Rate - actual data, historical chart and calendar of releases - was last updated on May of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
6.00 6.00 14.50 4.25 2000 - 2018 percent Daily




interest rate by Country
Country Last
Turkey 8.00 May/18
Mexico 7.50 May/18
Russia 7.25 Apr/18
Brazil 6.50 May/18
India 6.00 Apr/18
Indonesia 4.50 May/18
China 4.35 Apr/18
United States 1.75 May/18
Australia 1.50 May/18
South Korea 1.50 May/18
Canada 1.25 Apr/18
United Kingdom 0.50 May/18
Euro Area 0.00 Apr/18
France 0.00 Apr/18
Germany 0.00 Apr/18
Italy 0.00 Apr/18
Netherlands 0.00 Apr/18
Spain 0.00 Apr/18
Japan -0.10 Apr/18
Switzerland -0.75 Apr/18


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