India Interest Rate  2000-2017 | Data | Chart | Calendar | Forecast | News

The Reserve Bank of India left its key repo rate unchanged at 6.25 percent for the second time at its February 2017 meeting, compared to expectations of a 25bps cut. Policymakers decided to change the stance from accommodative to neutral while assessing the effects of demonetisation on inflation and growth. The reverse repo rate was also kept at 5.75 percent and the marginal standing facility and the bank rate at 6.75 percent. Interest Rate in India averaged 6.70 percent from 2000 until 2017, 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.

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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-10-04 09:00 AM RBI Interest Rate Decision 6.25% 6.50% 6.50% 6.50%
2016-12-07 09:00 AM RBI Interest Rate Decision 6.25% 6.25% 6% 6%
2017-02-08 09:00 AM RBI Interest Rate Decision 6.25% 6.25% 6% 6%
2017-04-06 09:00 AM RBI Interest Rate Decision 6.25% 6.25%
2017-06-07 09:00 AM RBI Interest Rate Decision
2017-08-02 09:00 AM RBI Interest Rate Decision

India Keeps Key Rate At 6.25%

The Reserve Bank of India left its key repo rate unchanged at 6.25 percent for the second time at its February 2017 meeting, compared to expectations of a 25bps cut. Policymakers decided to change the stance from accommodative to neutral while assessing the effects of demonetisation on inflation and growth. The reverse repo rate was also kept at 5.75 percent and the marginal standing facility and the bank rate at 6.75 percent.

Excerpts from RBI Press Release:

The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5 per cent by Q4 of 2016-17 and the medium-term target of 4 per cent within a band of +/- 2 per cent, while supporting growth.

The Committee is of the view that the persistence of inflation excluding food and fuel could set a floor on further downward movements in headline inflation and trigger secondorder effects. Nevertheless, headline CPI inflation in Q4 of 2016-17 is likely to be below 5 percent. Favourable base effects and lagged effects of demand compression may mute headline inflation in Q1 of 2017-18. Thereafter, it is expected to pick up momentum, especially as growth picks up and the output gap narrows. Moreover, base effects will reverse and turn adverse during Q3 and Q4 of 2017-18. Accordingly, inflation is projected in the range of 4.0 to 4.5 per cent in the first half of the financial year and in the range of 4.5 to 5.0 per cent in the second half with risks evenly balanced around this projected path. In this context, it is important to note three significant upside risks that impart some uncertainty to the baseline inflation path – the hardening profile of international crude prices; volatility in the exchange rate on account of global financial market developments, which could impart upside pressures to domestic inflation; and the fuller effects of the house rent allowances under the 7th Central Pay Commission (CPC) award which have not been factored in the baseline inflation path.The focus of the Union budget on growth revival without compromising on fiscal prudence should bode well for limiting upside risks to inflation.

GVA growth for 2016-17 is projected at 6.9 per cent with risks evenly balanced around it. Growth is expected to recover sharply in 2017-18 on account of several factors. First, discretionary consumer demand held back by demonetisation is expected to bounce back beginning in the closing months of 2016-17. Second, economic activity in cash-intensive sectors such as retail trade, hotels and restaurants, and transportation, as well as in the unorganised sector, is expected to be rapidly restored. Third, demonetisation-induced ease in bank funding conditions has led to a sharp improvement in transmission of past policy rate reductions into marginal cost-based lending rates (MCLRs), and in turn, to lending rates for healthy borrowers, which should spur a pick-up in both consumption and investment demand. Fourth, the emphasis in the Union Budget for 2017-18 on stepping up capital expenditure, and boosting the rural economy and affordable housing should contribute to growth. Accordingly, GVA growth for 2017-18 is projected at 7.4 per cent, with risks evenly balanced.

The Committee remains committed to bringing headline inflation closer to 4.0 percent on a durable basis and in a calibrated manner. This requires further significant decline in inflation expectations, especially since the services component of inflation that is sensitive to wage movements has been sticky. The committee decided to change the stance from accommodative to neutral while keeping the policy rate on hold to assess how the transitory effects of demonetisation on inflation and the output gap play out. 

RBI | Joana Taborda |
2/8/2017 9:37:20 AM

India Money Last Previous Highest Lowest Unit
Interest Rate 6.25 6.25 14.50 4.25 percent [+]
Cash Reserve Ratio 4.00 4.00 10.50 4.00 percent [+]
Interbank Rate 6.27 6.27 12.97 3.10 percent [+]
Money Supply M1 21060.20 20004.60 28420.20 80.15 INR Billion [+]
Money Supply M2 22546.50 20935.37 29134.50 1127.49 INR Billion [+]
Money Supply M3 124308.20 122993.39 124308.20 123.52 INR Billion [+]
Central Bank Balance Sheet 20766.24 22648.03 23419.03 1624.31 INR Billions [+]
Foreign Exchange Reserves 366780.00 364110.00 383643.00 29048.00 USD Million [+]
Loan Growth 4.10 4.80 18.70 4.10 percent [+]
Reverse Repo Rate 5.75 5.75 13.50 3.25 percent [+]

India Interest Rate Notes

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 March of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
6.25 6.25 14.50 4.25 2000 - 2017 percent Daily

Ghana 25.50 Feb/17
Argentina 24.75 Mar/17
Malawi 24.00 Feb/17
Mozambique 23.25 Feb/17
Gambia 23.00 Feb/17
Venezuela 20.76 Jan/17
Haiti 20.00 Feb/17
Iran 18.00 Dec/16
Angola 16.00 Feb/17
Afghanistan 15.00 Feb/17
Azerbaijan 15.00 Feb/17
Belarus 15.00 Mar/17
Yemen 15.00 Feb/17
Egypt 14.75 Feb/17
Sudan 14.20 Feb/17
Congo 14.00 Feb/17
Mongolia 14.00 Feb/17
Nigeria 14.00 Mar/17
Ukraine 14.00 Mar/17
Zambia 14.00 Feb/17
Liberia 13.70 Feb/17
Guinea 12.50 Feb/17
Suriname 12.50 Dec/15
Tajikistan 12.50 Feb/17
Seychelles 12.38 Jan/17
Brazil 12.25 Mar/17
Tanzania 12.00 Mar/17
Djibouti 11.60 Dec/15
Uganda 11.50 Feb/17
Kazakhstan 11.00 Feb/17
Sierra Leone 11.00 Feb/17
Zimbabwe 10.68 Dec/16
Kenya 10.00 Feb/17
Lebanon 10.00 Feb/17
Myanmar 10.00 Feb/17
Sao Tome and Principe 10.00 Feb/17
Russia 9.75 Mar/17
Uruguay 9.25 Feb/17
Mauritania 9.00 Feb/17
Moldova 9.00 Feb/17
Uzbekistan 9.00 Feb/17
Madagascar 8.30 Jan/17
Ecuador 8.25 Feb/17
Turkey 8.00 Mar/17
Cape Verde 7.50 Jan/17
Colombia 7.25 Feb/17
Sri Lanka 7.25 Mar/17
Swaziland 7.25 Feb/17
Maldives 7.00 Feb/17
Namibia 7.00 Feb/17
Nepal 7.00 Feb/17
South Africa 7.00 Feb/17
Burundi 6.95 Nov/16
Bangladesh 6.75 Feb/17
Georgia 6.75 Mar/17
Lesotho 6.64 Sep/16
Vietnam 6.50 Feb/17
India 6.25 Feb/17
Mexico 6.25 Feb/17
Papua New Guinea 6.25 Feb/17
Rwanda 6.25 Jan/17
Armenia 6.00 Feb/17
Bhutan 6.00 Feb/17
Pakistan 5.75 Feb/17
Botswana 5.50 Feb/17
Brunei 5.50 Feb/17
Dominican Republic 5.50 Feb/17
Honduras 5.50 Mar/17
Paraguay 5.50 Mar/17
Ethiopia 5.00 Feb/17
Guyana 5.00 Jan/17
Iceland 5.00 Mar/17
Jamaica 5.00 Feb/17
Kyrgyzstan 5.00 Feb/17
Qatar 5.00 Mar/17
Bosnia and Herzegovina 4.97 Dec/16
Indonesia 4.75 Mar/17
Trinidad and Tobago 4.75 Jan/17
El Salvador 4.56 Dec/16
Benin 4.50 Feb/17
Burkina Faso 4.50 Feb/17
Guinea Bissau 4.50 Feb/17
Ivory Coast 4.50 Feb/17
Mali 4.50 Feb/17
Niger 4.50 Feb/17
Senegal 4.50 Feb/17
Togo 4.50 Feb/17
China 4.35 Feb/17
Laos 4.25 Feb/17
Peru 4.25 Mar/17
Tunisia 4.25 Feb/17
Bahamas 4.00 Feb/17
Iraq 4.00 Feb/17
Jordan 4.00 Feb/17
Mauritius 4.00 Feb/17
Serbia 4.00 Mar/17
Algeria 3.50 Feb/17
Macedonia 3.50 Jan/17
Barbados 3.46 Feb/17
Chile 3.00 Mar/17
Guatemala 3.00 Feb/17
Libya 3.00 Feb/17
Malaysia 3.00 Mar/17
Philippines 3.00 Mar/17
Kuwait 2.75 Mar/17
Belize 2.50 Feb/17
Croatia 2.50 Jan/17
Cameroon 2.45 Feb/17
Central African Republic 2.45 Feb/17
Chad 2.45 Feb/17
Equatorial Guinea 2.45 Jan/17
Gabon 2.45 Feb/17
Republic of the Congo 2.45 Feb/17
Cuba 2.25 Feb/17
Morocco 2.25 Mar/17
Saudi Arabia 2.00 Feb/17
Bolivia 1.88 Jan/17
Costa Rica 1.75 Feb/17
New Zealand 1.75 Mar/17
Romania 1.75 Feb/17
United Arab Emirates 1.75 Mar/17
Australia 1.50 Mar/17
Poland 1.50 Mar/17
Thailand 1.50 Feb/17
Cambodia 1.45 Dec/16
Taiwan 1.38 Mar/17
Albania 1.25 Feb/17
Bahrain 1.25 Mar/17
Hong Kong 1.25 Mar/17
Macau 1.25 Mar/17
South Korea 1.25 Feb/17
Oman 1.24 Feb/17
Comoros 1.15 Nov/16
United States 1.00 Mar/17
Hungary 0.90 Feb/17
Panama 0.58 Dec/16
Canada 0.50 Mar/17
Fiji 0.50 Feb/17
Norway 0.50 Mar/17
New Caledonia 0.25 Feb/17
United Kingdom 0.25 Mar/17
Singapore 0.22 Feb/17
Israel 0.10 Feb/17
Czech Republic 0.05 Feb/17
Austria 0.00 Mar/17
Belgium 0.00 Mar/17
Bulgaria 0.00 Mar/17
Cyprus 0.00 Mar/17
Estonia 0.00 Mar/17
Euro Area 0.00 Mar/17
Finland 0.00 Mar/17
France 0.00 Mar/17
Germany 0.00 Mar/17
Greece 0.00 Mar/17
Ireland 0.00 Mar/17
Italy 0.00 Mar/17
Latvia 0.00 Mar/17
Lithuania 0.00 Mar/17
Luxembourg 0.00 Mar/17
Malta 0.00 Mar/17
Netherlands 0.00 Mar/17
Portugal 0.00 Mar/17
Slovakia 0.00 Mar/17
Slovenia 0.00 Mar/17
Spain 0.00 Mar/17
Japan -0.10 Mar/17
Sweden -0.50 Feb/17
Denmark -0.65 Feb/17
Switzerland -0.75 Mar/17