India Interest Rate  2000-2016 | Data | Chart | Calendar | Forecast | News

The Reserve Bank of India left its benchmark repo rate unchanged at a five-year low of 6.5 percent during the meeting held on June 7th, as expected. While awaiting further data to assess the impact of seasonal rainfall and some external risks, policymakers said they would remain accommodative. The central bank also decided to keep the cash reserve at 4.0 percent, to provide liquidity as required but progressively lower the average ex ante liquidity deficit in the system from one percent of NDTL to a position closer to neutrality. Interest Rate in India averaged 6.71 percent from 2000 until 2016, 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. Interest Rate in India is reported by the Reserve Bank of India.

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Actual Previous Highest Lowest Dates Unit Frequency
6.50 6.75 14.50 4.25 2000 - 2016 percent Daily
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 July of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-02-02 05:30 AM RBI Interest Rate Decision 6.75% 6.75% 6.75% 6.75%
2016-04-05 05:30 AM RBI Interest Rate Decision 6.50% 6.75% 6.5% 6.5%
2016-06-07 05:30 AM RBI Interest Rate Decision 6.50% 6.50% 6.50% 6.50%
2016-08-09 05:30 AM RBI Interest Rate Decision 6.50% 6.50%

India Holds Policy Rate Unchanged at 6.5%


The Reserve Bank of India left its benchmark repo rate unchanged at a five-year low of 6.5 percent during the meeting held on June 7th, as expected. While awaiting further data to assess the impact of seasonal rainfall and some external risks, policymakers said they would remain accommodative.

The central bank also decided to keep the cash reserve at 4.0 percent, to provide liquidity as required but progressively lower the average ex ante liquidity deficit in the system from one percent of net demand and time liabilities (NDTL) to a position closer to neutrality.

Excerpts from the statement by Dr. Raghuram G. Rajan, Governor:

In India, inflation surprise in the April reading makes the future trajectory of inflation somewhat more uncertain. Incoming data since April show a sharper-than-anticipated upsurge in inflationary pressures emanating from a number of food items (beyond seasonal effects), as well as a reversal in commodity prices. A strong monsoon, continued astute food management, as well as steady expansion in supply capacity, especially in services, could help offset these upward pressures. Given the uncertainties, the Reserve Bank will stay on hold, but the stance of monetary policy remains accommodative. The Reserve Bank will monitor macroeconomic and financial developments for any further scope for policy action.

Domestic conditions for growth are improving gradually, mainly driven by consumption demand, which is expected to strengthen with a normal monsoon and the implementation of the Seventh Pay Commission award. Higher public sector capital expenditure, led by roads and railways, should crowd in private investment, offsetting somewhat the subdued appetite for fresh private investment due to financial stress. Yet, business confidence will be restrained to an extent on account of unrelenting global factors. On a reassessment of balance of risks, therefore, the GVA growth projection for 2016-17 has been retained at 7.6 per cent with risks evenly balanced.

More monetary transmission to support the revival of growth continues to be critical. The government’s reform measures on small savings rates combined with the Reserve Bank’s refinements in the liquidity management framework should help the transmission of past policy rate reductions into lending rates of banks. The Reserve Bank will shortly review the implementation of the Marginal Cost Lending Rate framework by banks. Timely capital infusions into constrained public sector banks will also aid credit flow.


RBI l Rida Husna | rida@tradingeconomics.com
6/7/2016 7:23:58 AM

India Money Last Previous Highest Lowest Unit
Interest Rate 6.50 6.75 14.50 4.25 percent [+]
Cash Reserve Ratio 4.00 4.00 10.50 4.00 percent [+]
Interbank Rate 6.56 6.81 12.97 3.10 percent [+]
Money Supply M1 26631.81 26418.60 26756.56 80.15 INR Billion [+]
Money Supply M2 27026.36 27363.19 27363.19 1127.49 INR Billion [+]
Money Supply M3 120585.25 119156.61 120585.25 123.52 INR Billion [+]
Foreign Exchange Reserves 363350.00 361940.00 383643.00 29048.00 USD Million [+]
Central Bank Balance Sheet 15424.88 14953.10 16109.39 1624.31 INR Billions [+]
Loan Growth 9.80 9.40 18.70 8.70 percent [+]




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