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

The Reserve Bank of India left its benchmark repo rate at 6.75 percent during the meeting held on February 2nd, as expected. While awaiting further data on inflation, policymakers said they would stay accommodative but look forward to the government's budget statement at the end of February. The central bank also decided to keep the cash reserve at 4.0 percent, to provide liquidity under overnight repos at 0.25 percent and to maintain daily variable rate repos and reverse repos to smooth liquidity. Interest Rate in India averaged 6.71 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
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Actual Previous Highest Lowest Dates Unit Frequency
6.75 7.25 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. India Interest Rate - actual data, historical chart and calendar of releases - was last updated on February of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-09-29 06:30 AM RBI Interest Rate Decision 6.75% 7.25% 7% 7%
2015-12-01 05:30 AM RBI Interest Rate Decision 6.75% 6.75% 6.75% 6.75%
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 6.75% 6.5%

RBI Leaves Policy Rate Unchanged


The Reserve Bank of India left its benchmark repo rate at 6.75 percent during the meeting held on February 2nd, as expected. While awaiting further data on inflation, policymakers said they would stay accommodative but look forward to the government's budget statement at the end of February.

The central bank also decided to keep the cash reserve at 4.0 percent, to provide liquidity under overnight repos at 0.25 percent and to maintain daily variable rate repos and reverse repos to smooth liquidity.

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

In India, inflation has evolved closely along the trajectory set by the monetary policy stance. With unfavourable base effects on the ebb and benign prices of fruits and vegetables and crude oil, the January 2016 target of 6 per cent should be met. Going forward, under the assumption of a normal monsoon and the current level of international crude oil prices and exchange rates, inflation is expected to be inertial and be around 5 percent by the end of fiscal 2016-17.

For 2016-17, growth is expected to strengthen gradually, notwithstanding significant headwinds. Expectations of a normal monsoon after two consecutive years of rainfall deficiency, the large positive terms of trade gain, improving real incomes of households and lower input costs of firms should contribute to strengthening the growth momentum. Yet, still weak domestic private investment demand in a phase of balance sheet adjustments, re-emergence of concerns relating to stalled projects, excess capacity in industry, sluggish external demand conditions dampening export growth could act as headwinds. 

The current momentum of growth is reasonable, though below what should be expected over the medium term. Underlying growth drivers need to be rekindled to place the economy durably on a higher growth trajectory. The revival of private investment, in particular, has a crucial role, especially as the climate for business improves and fiscal policy continues to consolidate. The Indian economy is currently being viewed as a beacon of stability because of the steady disinflation, a modest current account deficit and commitment to fiscal rectitude. This needs to be maintained so that the foundations of stable and sustainable growth are strengthened. The Reserve Bank continues to be accommodative even as it leaves the policy rate unchanged in this review, while awaiting further data on the development of inflation. Structural reforms in the forthcoming Union Budget that boost growth while controlling spending will create more space for monetary policy to support growth, while also ensuring that inflation remains on the projected path of 5 percent by the end of 2016-17.  

RBI l Rida Husna | rida@tradingeconomics.com
2/2/2016 10:15:26 AM

India Money Last Previous Highest Lowest Unit
Interest Rate 6.75 7.25 14.50 4.25 percent [+]
Cash Reserve Ratio 4.00 4.00 10.50 4.00 percent [+]
Interbank Rate 7.23 7.23 12.97 3.10 percent [+]
Money Supply M1 24530.86 24356.39 24530.86 80.15 INR Billion [+]
Money Supply M2 25069.74 24879.90 25069.74 1127.49 INR Billion [+]
Money Supply M3 114430.52 113324.67 114430.52 123.52 INR Billion [+]
Foreign Exchange Reserves 349150.00 347560.00 383643.00 29048.00 USD Million [+]
Central Bank Balance Sheet 15247.70 14475.92 15247.70 1624.31 INR Billions [+]
Loan Growth 11.40 11.10 18.70 9.00 percent [+]




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