RBI Announces MPC Schedule For FY27, First Policy Decision Slated For April 8

Mumbai, Mar 23: The Reserve Bank of India (RBI) on Monday announced the calendar for the bi-monthly Monetary Policy Committee (MPC) meetings for the financial year 2026–27, with the first rate decision meeting set for April 6–8.

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Six policy meetings scheduled

The six-member rate-setting panel, headed by the Reserve Bank Governor, will hold six meetings in the next financial year.

Typically, the six-member panel votes on a resolution on the third day of the meeting, and the RBI Governor announces the decision after the vote is completed.

The second bi-monthly policy review meeting will end on June 3–5, the statement said, adding that this will be followed by three-day meetings in August, October, December, and February.

Role of the MPC

The Monetary Policy Committee (MPC) of India is a six-member body tasked with fixing the benchmark policy rate (repo rate) to contain inflation. It comprises three RBI officials (including the Governor as Chairperson) and three external members appointed by the Central Government.

The MPC announces the bi-monthly monetary policy after deliberations on the prevailing domestic and economic situations, and taking into account retail inflation.

Current policy stance and inflation target

The committee, at its last meeting held in February, had kept the short-term lending rate (repo) unchanged at 5.25 per cent.

The government initially notified the inflation target with the tolerance band on August 5, 2016, for the period 2016–2021.

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In the first review conducted in March 2021, this target was retained for the subsequent five years till March 2026.

A second review of the target is now due by the end of March 2026.

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