RBI Governor Sanjay Malhotra during the monetary policy decisions announcements today (RBI)
RBI MPC Meeting April 2026 LIVE: The Reserve Bank of India (RBI), in its latest monetary policy decision, has kept the repo rate unchanged at 5.25% and stance ‘neutral’. The decision follows the end of the Governor Sanjay Malhotra-led Monetary Policy Committee’s (MPC) three-day meeting held from April 6. The rate-setting panel, chaired by Governor Sanjay Malhotra, meets every two months to review key economic indicators and determine the policy stance. The policy decision was hailed by various sectors.
This RBI’s decisions come at a time of heightened global uncertainty, largely driven by escalating tensions in West Asia. The ongoing conflict involving the United States and Iran has disrupted critical energy supply routes, particularly the Strait of Hormuz, triggering a sharp spike in crude oil prices. Although a temporary two-week ceasefire has been agreed upon, easing some immediate concerns, the broader economic impact continues to weigh on global and domestic markets. Rising oil prices have already begun to ripple through the Indian economy. The country, which relies heavily on imports for its energy needs, is particularly vulnerable to supply disruptions. A significant portion of its crude imports passes through the Strait of Hormuz, making any blockage or slowdown in that corridor a direct risk to supply and costs. As prices surged, the rupee weakened sharply, while equity markets saw heightened volatility alongside notable foreign investor outflows.
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The impact is not limited to currency and markets. Higher fuel costs are feeding into broader inflationary pressures and raising input costs across multiple sectors, including aviation and hospitality. Air India on Tuesday had raised its fuel surcharge for the second time since the war began on February 28. Concerns are also emerging around supply chains, especially for fertilisers and other critical imports from the Gulf region. At the same time, uncertainties in the Middle East could affect remittance flows, which form an important part of India’s external inflows.
Live Updates
Apr 8, 2026 03:22 PM IST
Updates to this live blog have ended.
Apr 8, 2026 01:52 PM IST
Rajiv Sabharwal, MD and CEO, Tata Capital, says: “While upside risks to inflation have inched up, it is reassuring to note the RBI’s measured view of India’s macroeconomic fundamentals. The stance balances growth considerations while retaining the flexibility to respond to changing situations. The RBI’s parallel focus on regulatory simplification and ease of doing business, especially for MSMEs, is a positive structural move. Overall, the policy continuity will have a compounding effect while reinforcing stability, sustaining credit flow, and supporting investment momentum amid global headwinds.”
Apr 8, 2026 12:50 PM IST
RBI MPC repo rate decision LIVE Updates: Sanjay Malhotra reacts to HDFC charman’s resignation
On abrupt resignation of HDFC Bank chairman, Sanjay Malhotra said: “Banking system is very resilient, safe, and strong. Nothing related to governance or conduct was noticed during supervisory inspection.” Atanu Chakraborty resigned from the post of HDFC chairman on March 18. He said: “Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision.”
Apr 8, 2026 12:47 PM IST
Headline inflation remains our target, and managing that is our primary goal, says RBI Governor Sanjay Malhotra. Measures recently taken to check volatility of rupee will not remain forever, says RBI Governor. “Low interest rates may continue for long time.”
Apr 8, 2026 12:42 PM IST
RBI MPC repo rate decision LIVE Updates: Heightened volatility in Forex markets not a signal of structural change, says RBI guv
In a post-announcement press conference, RBI Governor Sanjay Malhotra said, “On the recent regulatory measures that we took with regard to the foreign exchange markets, you are all aware, and you may not have witnessed, but we did notice that in the last few weeks of last month, March, there was heightened volatility in the Forex markets. We saw that positions were being built up, leading to arbitrage positions between the non-deliverable forward markets and the deliverable markets. In normal times, these linkages are important for efficient price discovery, and that’s why it has been our endeavour to make these markets more liquid. But when there is excessive volatility, when there is excessive building up of positions, it is only you know increasing volatility and perhaps not helping in price efficient price discovery, such kind of measures are taken. These are reactions to the specific market movements. There are not in any sense signalling any structural change. We stand committed long-term to the development, broadening and deepening of these markets to the internationalisation of the rupee. These are not measures which are going to remain there forever…”
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Apr 8, 2026 12:30 PM IST
Financial institutions like asset managers, loan providers and investment advisors have welcomed RBI’s decisions.
Sameer Sawant, Research Analyst, Mirae Asset Sharekhan, said: “On liquidity front RBI has ensured that they will maintain sufficient liquidity that meets growth requirement, which is positive. Also, RBI’s proposal to remove specific conditions tied to NPA provisioning for including quarterly profits in CRAR calculation and removal of requirement of investment fluctuation reserve is positive for Banks.”
“Rather than reacting prematurely, the MPC has chosen to preserve policy flexibility, ensuring it has room to respond if conditions change further. This approach builds a strong position to support the India growth story and maintain stability, while reinforcing India’s resilience and consistent growth outlook in the global context.” Binitha Dalal, founder & managing partner, Mt. K Kapital
Atul Monga – CEO& Co-Founder, BASIC Home Loan said: “On inflation, holding steady rates help anchor expectations while avoiding premature easing can lead to reigniting price pressures. The RBI intends to maintain a balance between supporting growth and controlling inflation.”
Apr 8, 2026 12:05 PM IST
Anshuman Magazine, chairman and CEO of India, South-East Asia, Middle East & Africa, CBRE, said: “The RBI MPC’s decision to maintain the status quo on the repo rate is a testament to the inherent resilience and momentum of the Indian economy. By prioritizing macroeconomic stability and maintaining a vigilant stance on aligning inflation with its target, the central bank has successfully navigated the complexities of the global landscape. This calibrated approach signals robust underlying fundamentals and a confident domestic outlook.”
“Stability, when intentional, is a policy signal in itself. The Reserve Bank of India’s decision to hold rates reflects a balanced, forward-looking approach, prioritising long-term resilience over short-term shifts. For residential real estate, this is timely, as sustained end-user demand across mid-income and premium segments continues to drive a consumption-led cycle. A stable rate regime keeps home loan EMIs predictable, supporting buyer confidence and purchase decisions, while enabling better planning for developers and ensuring steady momentum across the sector,” Manish Agarwal, president, CREDAI Haryana, said.
Apr 8, 2026 11:58 AM IST
Banking and insurance firms have said RBI is reacting to the market volatility and welcomed the move.
“The Governor has emphasised policy flexibility to react to risks to growth and inflation. The West Asia crisis poses an upside risk to inflation and a downside risk to growth. The tone of the policy is neutral. We maintain the expectation of the RBI remaining on pause, as headline CPI inflation is not expected to breach the upper threshold of the inflation targeting band of 6%. Meanwhile, remaining on pause and ensuring the provision of adequate liquidity will limit the downside risk to growth,” says Gaura Sen Gupta, Chief Economist at IDFC FIRST Bank.
Binod Kumar, MD & CEO of Indian Bank said: “The governor’s projection of FY26 GDP growth at 7.6% underscores the resilience of the Indian economy. Further RBI’s earlier measure of extending the timeline for providing financial assistance to exporters until June 30, 2026, will help the exporters in tiding away the current global turmoil.”
Ritesh Taksali, Chief Investment Officer, Edelweiss Life Insurance: “The MPC has decided to be cautious given the volatile situation and the nascent ceasefire agreement. The upward revision on inflation and lowering of growth for FY27 shows that there could be some lasting effects from the conflict.”
Apr 8, 2026 11:45 AM IST
RBI MPC repo rate decision LIVE Updates: Realty sector hails repo rate decision
The real estate sector has hailed the RBI’s decision to maintain status quo on the repo rate at 5.25% and a ‘neutral stance’.
Director Strategy of Whiteland Corporation Sudeep Bhatt welcomed the decision, saying: “The stance is significant for the real estate sector. It means stable home loans which directly boost housing demand, while improving liquidity for developers.”
Yashank Wason, Managing Director of Royal Green Realty said the unchanged repo rate will benefit both buyers and developers. “For homebuyers, unchanged interest rates mean manageable EMIs which will improve the rate of potential purchasers. For developers this unchanged stance will accelerate the project launches and completion timeline.”
CEO and president of Jindal Realty Abhay Mishra said the RBI’s decision offers a sense of continuity at a crucial time for the real estate sector. “It reassures homebuyers by keeping borrowing costs stable and helps sustain demand momentum. For developers, it provides clarity for planning and execution.”
CEO of Newstone Rajat Bokolia said the unchanged repo rate translates to stable home loans, directly improving housing demand.
Apr 8, 2026 10:41 AM IST
RBI MPC repo rate decision LIVE Updates: CPI inflation projected at 4.6% for current fiscal, says RBI
RBI Governor Sanjay Malhotra says, “Government has taken several measures targeted at supporting exports and protecting supply chains.” “CPI inflation projected at 4.6 pc for current fiscal, says RBI Governor Sanjay Malhotra. Expected robustness in remittances should keep current account deficit moderate, within a sustainable level… Elevated global uncertainties require continuous vigil,” he said.
Apr 8, 2026 10:25 AM IST
RBI MPC repo rate decision LIVE Updates: Disruptions in Hormuz likely to impact growth this year, says RBI Governor
The real GDP growth for last year is estimated to settle 7.6%, says Malhotra. “This corroborates the underlying strong momentum in economic activity supported by robust consumption and investment amidst supportive policy measures, ongoing structural reforms and favourable financial conditions. Going forward, elevated energy and other commodity prices as also shocks to the availability of inputs due to disruptions in the Strait of Hormuz, are likely to impact growth this year. The government has been proactive in ensuring the supply of inputs across critical sectors to minimise the impact of supply chain disruptions. On the other hand, sustained momentum in the services sector, the persisting impact of GST rationalisation which was carried out last year and the healthy balance sheets of financial institutions and corporates should continue to support economic activity,” he said.
#watch| RBI Governor Sanjay Malhotra says, “The real GDP growth for last year is estimated at 7.6%. This corroborates the underlying strong momentum in economic activity supported by robust consumption and investment amidst supportive policy measures, ongoing structural reforms…pic.twitter.com/PI5I1tq3mn— ANI (@ANI)April 8, 2026
Apr 8, 2026 10:23 AM IST
RBI Monetary Policy Meeting LIVE Updates: RBI says headline inflation is below target of 4%
Headline inflation remains contained and below central bank’s target of 4%, says Governor Sanjay Malhotra. “High-frequency indicators indicate sustained momentum and economic activity,” he said. Headline inflation is the total, raw inflation rate within an economy, which indicates the pace of the price-rise of goods and services in a nation.
Apr 8, 2026 10:16 AM IST
RBI Monetary Policy Meeting LIVE Updates: Real GDP growth projection at 6.9% for FY 2026-27
Real GDP growth for this year is projected at 6.9%, with Q1 at 6.8, Q2 at 6.7%, Q3 at 7%, and Q4 at 7.2%, says Malhotra.
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Apr 8, 2026 10:12 AM IST
RBI Monetary Policy Meeting LIVE Updates: STF rate remains 5%
The STF rate remains at 5% and the MSF rate and the bank rate at 5.5%, says Governor Sanjay Malhotra.
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Apr 8, 2026 10:04 AM IST
RBI Monetary Policy Meeting LIVE Updates: Governor Sanjay Malhotra keeps Repo Rate unchanged at 5.25%
Governor Sanjay Malhotra keeps Repo Rate unchanged at 5.25%. The RBI MPC has kept the stance ‘neutral’.
Apr 8, 2026 10:03 AM IST
RBI Monetary Policy Meeting LIVE Updates: Indian economy is on a strong footing, says Governor Sanjay Malhotra
The fundamentals of Indian economy is on a strong footing at time of global uncertainty, says Governor Sanjay Malhotra
Apr 8, 2026 10:00 AM IST
RBI Monetary Policy Meeting LIVE Updates: Govt bonds recover ahead of repo rate decision announcement
Central government bond prices rallied on Wednesday morning after a sharp drop in global oil prices lifted sentiment ahead of the central bank’s policy announcement, reported Reuters.
The yield on the benchmark 6.48% 2035 bond fell to 6.9177% at 9:40 a.m. IST, compared with Tuesday’s close of 7.0458%. The market is now awaiting the Reserve Bank of India’s monetary policy decision, scheduled for 10:00 a.m.
Apr 8, 2026 09:58 AM IST
RBI Monetary Policy Meeting LIVE Updates: Governor Sanjay Malhotra to announce key repo rate decision shortly
RBI Governor Sanjay Malhotra will announce the repo rate decision and make other key monetary policy announcements in a few minutes.
Apr 8, 2026 09:38 AM IST
RBI Monetary Policy Meeting LIVE Updates: Rupee gains 50 paise ahead of MPC meeting
Rupee has surged 50 paise to 92.56 against US dollar in early trade ahead of the MPC meeting after US and Iran agreed to a two-week ceasefire.
Apr 8, 2026 09:26 AM IST
RBI Monetary Policy Meeting LIVE Updates: Crisil says central bank may take cautious approach
Economists largely expect the central bank to hold the repo rate steady, signalling a preference for stability amid global uncertainties and fluctuating energy prices. The repo rate currently stands at 5.25 per cent after a reduction in December 2025.
Dipti Deshpande, Principal Economist at Crisil, told news agency ANI the RBI is likely to adopt a cautious, wait-and-watch approach. She noted that policy decisions would hinge on inflation projections, with the central bank remaining comfortable around the 2.6 per cent mark. GDP growth is expected to stay close to 7 per cent for the first half of the year, although she flagged a marginal moderation in credit growth over the next few years.
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Apr 8, 2026 08:55 AM IST
RBI Monetary Policy Meeting LIVE Updates: Rupee weakens by 16 paise at close
Ahead of the repo rate announcement by RBI Governor Sanjay Malhotra, the Rupee weakened by 16 paise to settle at 93.06 against the US dollar on Tuesday. According to forex traders, the USD/INR pair continues to face pressure due to sustained foreign fund outflows, a stronger dollar, and elevated crude oil prices amid ongoing geopolitical uncertainty. Market participants are also closely tracking global cues and the RBI’s policy decision for further direction.
A day earlier, the domestic currency had gained 28 paise to end at 92.90, supported by steps taken by the central bank to rein in speculative activity and reduce volatility.
Apr 8, 2026 08:31 AM IST
RBI Monetary Policy Meeting LIVE Updates: Real Estate sector hopes for steady repo rate
The real estate sector is expecting a steady momentum on the RBI’s repo rate. Ahead of the key monetary policy announcements, managing director & founder of Aarize Group Aman Sharma said, “We expect the repo rate to remain stable. This will be a positive sign for the real estate sector. For buyers, this would translate to sustained confidence in properties that offer the potential of long-term value. A consistent rate environment will help maintain growth traction, encourage disciplined investments, and support the sector’s evolution in a more resilient and sustainable manner.”
Ashish Agarwal, Director of AU Real Estate, “Stability in borrowing rates is an important factor in supporting buyer confidence, thus facilitating a more structured approach to decision-making. Although it will provide a steady demand to the overall housing sector, it will also add to the confidence level in premium properties where the buyer is aligned to long-term value and quality.”
“We expect the repo rate to undergo calibration in favour of improving inflation and growth indicators. This calibration would be significantly encouraging for the senior living segment for enhancing the viability of spaces that provide the ecosystem of residential living integrated with healthcare and wellness infrastructure. A repo rate revision will also have a rippling effect on the investor sentiment, characterised by strengthened investor confidence,” Anil Godara, founder and MD of J Estates.
“We expect the repo rate to remain unchanged which indicates a prudent policy response to the shifting inflation and economic growth trends. The stability will compliment the positioning of the luxury segment as being value driven, thus driving sales in key markets,” said Parvinder Singh, CEO of Trident Realty.
Atul Monga, CEO and co-founder of BASIC Home Loan said: “With growth remaining resilient and inflation showing signs of moderation, we expect the RBI to maintain the status quo on policy rates as they examine the global crisis and liquidity conditions on the domestic front… Recent rate stability is beginning to offer some relief, and a continued pause or slight change in policy stance can help revive the housing demand and improve borrower sentiment.”
Apr 8, 2026 08:09 AM IST
RBI Monetary Policy Meeting LIVE Updates: Ficci president expects pause on repo rate
Ficci president Anant Goenka on Tuesday said inflation was ‘very much in control’ before the war and the Indian economy had a lot of positive momentum. “After the war, we are seeing a lot more uncertainty, crude prices having gone up. I think the RBI may possibly pause on its rate cut,” he said.
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Apr 8, 2026 08:04 AM IST
RBI Monetary Policy Meeting LIVE Updates: What are the economic stances usually taken by the RBI MPC? What do they mean?
The monetary policy stance of the Reserve Bank of India is simply a signal about where interest rates and borrowing costs might head next. It helps people, banks and businesses understand whether money will become cheaper or more expensive.
Depending on the prevailing economic situation the RBI broadly takes one of the three stances: accommodative, neutral, or tightening.
An accommodative stance means the RBI wants to support the economy. In simple terms, it tries to keep loans cheaper so people spend more and businesses invest. This is usually seen when growth is weak and there is less cash flowing around.
A neutral stance is like a “wait and watch” mode. The RBI is not leaning towards increasing or cutting rates. Instead, it keeps its options open depending on how inflation and growth move.
A tightening stance (also called “hawkish”) is used when prices are rising too fast. Here, the RBI may make loans costlier to reduce spending and bring inflation under control.
In general, these approaches decided in the MPC meetings influence the common man’s EMIs, savings returns, and business activity. So when the RBI changes its stance, it’s essentially guiding how easy or expensive money will be in the near future.
Apr 8, 2026 07:49 AM IST
RBI Monetary Policy Meeting LIVE Updates: What the MPC had decided in 2025
The RBI in 2025 took a cautious approach in deciding the repo rates. Here’s how what it decided.
February: 25 bps rate cut, neutral stance
April: 25 bps rate cut, neutral stance
June: 50 bps rate cut, neutral stance
December: 25 bps rate cut, neutral stance
In February 2026, it kept the stance ‘neutral’ and kept the repo rate unchanged at 5.25%.
Apr 8, 2026 07:38 AM IST
RBI Monetary Policy Meeting LIVE Updates: What is the RBI’s MPC?
The Monetary Policy Committee (MPC) is a panel of six members, which charts the fiscal course of the country by deciding on the benchmark policy rate (repo rate) to check inflation, deflation, and recession. On the committee are 3 RBI officials and 3 Central government-appointed members. The committee is headed by the Governor. The two other members of the RBI are the Deputy Governor and a central board-nominated official.
The members MPC hold office for a period of four years or until further orders, whichever is earlier, as per the Reserve Bank of India Act, 1934. The Committee determines the Policy Rate required to achieve the inflation target.
The MPC meeting is held every 2 months.
Apr 8, 2026 07:29 AM IST
RBI Monetary Policy Meeting LIVE Updates: Where and how to watch Sanjay Malhotra’s fiscal policy announcement
The fiscal policy announcement by RBI Governor Sanjay Malhotra will be broadcast via the RBI’s official YouTube channel. You can also catch all the live updates from the announcement on The Indian Express.
Apr 8, 2026 07:26 AM IST
RBI Monetary Policy Meeting LIVE Updates: Sanjay Malhotra-led panel to make key fiscal policy announcements today
After reducing the repo rate by 125 basis points in 2025 and holding the rate steady at 5.25% in its last meeting in February 2026, the RBI Monetary Policy Committee (MPC) is now faced with the complex task of deciding India’s fiscal policy for the next 3 months. Key announcement on the central bank’s stance and other fiscal decisions will be announced around 10 AM after the Sanjay Malhotra-led panel ends its meeting today.
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