India Interest Rate 2000-2015 | Data | Chart | Calendar | Forecast | News

The benchmark interest rate in India was last recorded at 7.50 percent. Interest Rate in India averaged 6.69 percent from 2000 until 2015, 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.

India Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
7.50 7.50 14.50 4.25 2000 - 2015 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. Content for - India Interest Rate - was last refreshed on Sunday, April 26, 2015.

RBI Holds Policy Rate Unchanged

The Reserve Bank of India left its benchmark repo rate on hold at 7.5 percent in April, following a surprise rate cut last month. Policymakers said will allow the disinflationary momentum to spread through the economy while waiting for commercial banks to cut lending rates.

Policymakers also kept the keep the cash reserve ratio unchanged at 4.0 percent and the reverse repo rate at 6.5 percent. The Bank Rate was left steady at 8.5 percent

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

Transmission of policy rates to lending rates has not taken place so far despite weak credit off take and the front loading of two rate cuts. With little transmission, and the possibility that incoming data will provide more clarity on the balance of risks on inflation, the Reserve Bank will maintain status quo in its monetary policy stance in this review.

The Reserve Bank will stay focussed on ensuring that the economy disinflates gradually and durably, with CPI inflation targeted at 6 per cent by January 2016 and at 4 per cent by the end of 2017-18. 

The Reserve Bank’s intent is to allow the disinflationary momentum to spread through the economy, but remain vigilant about any resurgence of inflationary pressures that may destabilise the progress towards the inflation objectives set in the Agreement.

The outlook for growth is improving gradually. Comfortable liquidity conditions should enable banks to transmit the recent reductions in the policy rate into their lending rates, thereby improving financing conditions for the productive sectors of the economy. 

Going forward, the accommodative stance of monetary policy will be maintained, but monetary policy actions will be conditioned by incoming data. First, the Reserve Bank will await the transmission by banks of its front-loaded rate reductions in January and February into their lending rates. Second, developments in sectoral prices, especially those of food, will be monitored, as will the effects of recent weather disturbances and the likely strength of the monsoon, as the Reserve Bank stays vigilant to any threats to the disinflation that is underway. The Reserve Bank will look through both seasonal as well as base effects. Third, the Reserve Bank will look to a continuation and even acceleration of policy efforts to unclog the supply response so as to make available key inputs such as power and land. Further progress on repurposing of public spending from poorly targeted subsidies towards public investment and on reducing the pipeline of stalled investment will also be helpful in containing supply constraints and creating room for monetary accommodation. Finally, the Reserve Bank will watch for signs of normalisation of the US monetary policy, though it anticipates India is better buffered against likely volatility than in the past.

RBI l Rida Husna l
4/7/2015 9:02:39 AM

Recent Releases

RBI Cuts Repo Rate to 7.5%
The Reserve Bank of India cut its benchmark policy repo rate by 25 bps to 7.5 percent in a surprise meeting on March 4th. It is the second rate cut this year, citing slowing inflation, weak growth and important government reforms. Published on 2015-03-04

India Holds Policy Rate Unchanged
The Reserve Bank of India left its benchmark repo rate at 7.75 percent, as policymakers waited for more evidence of last month's rate cut and indicated that the key to further easing are continuing disinflationary pressures and sustained fiscal consolidation. Published on 2015-02-03

Calendar GMT Event Actual Previous Consensus Forecast (i)
2015-02-03 05:30 AM
RBI Interest Rate Decision 
7.75% 7.75% 7.75% 7.5%
2015-03-04 03:00 AM
RBI Interest Rate Decision 
7.5% 7.75%
2015-04-07 06:30 AM
RBI Interest Rate Decision 
7.5% 7.5% 7.5% 7.5%
2015-06-03 06:30 AM
RBI Interest Rate Decision 
7.5% 7.5%
2015-08-05 06:30 AM
RBI Interest Rate Decision 
2015-09-30 06:30 AM
RBI Interest Rate Decision 

India Money Last Previous Highest Lowest Unit
Interest Rate 7.50 7.50 14.50 4.25 percent [+]
Interbank Rate 8.39 8.23 12.97 3.10 percent [+]
Money Supply M1 24237.40 22870.34 24237.40 80.15 INR Billion [+]
Money Supply M2 24701.67 23324.37 24701.67 1127.49 INR Billion [+]
Money Supply M3 108801.61 105321.20 108801.61 123.52 INR Billion [+]
Central Bank Balance Sheet 13955.84 13056.58 13955.84 1624.31 INR Billions [+]
Foreign Exchange Reserves 343200.00 341378.00 383643.00 29048.00 USD Million [+]
Loan Growth 12.60 9.50 18.70 9.50 percent [+]
Cash Reserve Ratio 4.00 4.00 10.50 4.00 percent [+]

Interest Rate Reference Previous Highest Lowest Unit
Australia 2.25 Apr/15 2.25 17.50 2.25 percent [+]
Brazil 12.75 Mar/15 12.25 45.00 7.25 percent [+]
Canada 0.75 Apr/15 0.75 16.00 0.25 percent [+]
China 5.35 Mar/15 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Apr/15 0.05 4.75 0.05 percent [+]
France 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Apr/15 0.05 4.75 0.05 percent [+]
India 7.50 Apr/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 Apr/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Apr/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Mar/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Russia 14.00 Mar/15 15.00 17.00 5.00 percent [+]
South Korea 1.75 Apr/15 1.75 5.25 1.75 percent [+]
Spain 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Mar/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Apr/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Apr/15 0.50 17.00 0.50 percent [+]
United States 0.25 Mar/15 0.25 20.00 0.25 percent [+]