The Reserve Bank of India left its benchmark repo rate at 4 percent during its October meeting, as widely expected, saying it was maintaining an accommodative monetary policy stance as long as necessary to support economic growth and to help mitigate the negative impact of COVID-19. The bank also kept the reverse repo rate unchanged at 3.35 percent. Meanwhile, the RBI lowered its projection for retail inflation for the full year 2021/22 to 5.3 percent from 5.7 percent previously, amid the easing of food prices, combined with favourable base effects. The Bank maintained project GDP growth at 9.5 percent. source: Reserve Bank of India

Interest Rate in India averaged 6.44 percent from 2000 until 2021, reaching an all time high of 14.50 percent in August of 2000 and a record low of 4 percent in May of 2020. This page provides - India Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.

Interest Rate in India is expected to be 4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the India Interest Rate is projected to trend around 4.75 percent in 2022 and 5.50 percent in 2023, according to our econometric models.

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India Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-06-04 04:30 AM 4% 4% 4% 4%
2021-08-06 04:30 AM 4% 4% 4% 4%
2021-10-08 04:30 AM 4% 4% 4% 4%
2021-12-08 04:30 AM 4%
2022-02-09 04:30 AM


News Stream
India Leaves Rates Steady as Expected
The Reserve Bank of India left its benchmark repo rate at 4 percent during its October meeting, as widely expected, saying it was maintaining an accommodative monetary policy stance as long as necessary to support economic growth and to help mitigate the negative impact of COVID-19. The bank also kept the reverse repo rate unchanged at 3.35 percent. Meanwhile, the RBI lowered its projection for retail inflation for the full year 2021/22 to 5.3 percent from 5.7 percent previously, amid the easing of food prices, combined with favourable base effects. The Bank maintained project GDP growth at 9.5 percent.
2021-10-08
RBI Holds Rates as Expected, Raises Inflation Forecasts
The Reserve Bank of India kept its benchmark repo rate at 4 percent during its August meeting, as widely expected, saying it was maintaining an accommodative monetary policy stance as long as necessary to support the economic recovery and to help mitigate the negative impact of COVID-19. The bank also left the reverse repo rate, the borrowing rate, unchanged at 3.35 percent. Meanwhile, the RBI raised its projection for retail inflation for full year 2021/22 to 5.7 percent from 5.1 percent previously, adding to concerns about a need to reverse policy if price pressures fail to abate. Officials project GDP growth at 9.5 percent over the same period, unchanged from a previous forecast.
2021-08-06
RBI Expands QE, Cuts FY22 GDP Forecast
The Reserve Bank of India left its benchmark repo rate at 4 percent during its June meeting and announced additional bond purchases, saying it was maintaining an accommodative monetary policy stance as long as necessary to support the economic recovery and to help mitigate the negative impact of COVID-19. Policymakers said the RBI will buy INR 1.2 trillion worth of bonds in the September quarter on top of its current quantitative easing programme called G-SAP 1.0. The bank also kept the reverse repo rate, the borrowing rate, unchanged at 3.35 percent. Meantime, officials project GDP growth at 9.5 percent in the fiscal year 2021/22, down from a previous forecast of 10.5 percent, consisting of 18.5 percent in Q1; 7.9 percent in Q2; 7.2 percent in Q3; and 6.6 percent in Q4. On the price front, CPI inflation is projected at 5.1 percent during 2021/22: 5.2 percent in Q1; 5.4 percent in Q2; 4.7 percent in Q3; and 5.3 percent in Q4.
2021-06-04

India Last Unit Reference Previous Highest Lowest
Interest Rate 4.00 percent Oct/21 4.00 14.50 4.00
Cash Reserve Ratio 4.00 percent Oct/21 4.00 10.50 3.00
Interbank Rate 3.39 percent Oct/21 3.48 12.97 2.93
Money Supply M1 48032.49 INR Billion Aug/21 48565.11 48565.11 80.15
Money Supply M2 49481.73 INR Billion Sep/21 49810.93 49810.93 1127.49
Money Supply M3 195674.96 INR Billion Oct/21 193995.96 195674.96 123.52
Foreign Exchange Reserves 641008.00 USD Million Oct/21 639516.00 642453.00 29048.00
Central Bank Balance Sheet 34147.69 INR Billion Sep/21 33300.55 34147.69 1624.31
Loan Growth 6.50 percent Oct/21 6.70 18.70 4.10
Reverse Repo Rate 3.35 percent Oct/21 3.35 13.50 3.25


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.