RBI Monetary Policy Statement, August 2026

The resolution of the Monetary Policy Committee’s 62nd meeting, held 3–5 August 2026 under Governor Sanjay Malhotra. The committee voted unanimously to hold the repo rate at 5.25% — the fourth consecutive meeting without a change — and to retain a neutral stance. The projections are the substance: the RBI put FY 2026-27 growth at 6.7% and CPI inflation at 5.0%, with headline inflation expected to peak at 5.9% in the third quarter, driven by food and fuel supply pressures rather than broad demand. Core inflation, excluding food and fuel, was unchanged at 3.9%. The next meeting is scheduled for 5–7 October 2026, with SBI Research among those arguing for a 25 basis point increase.