The Reserve Bank of India unexpectedly lowered its benchmark repurchase rate by 40 basis points to 4 percent in an emergency move on May 22nd, amid an ongoing nationwide lockdown to prevent further spreading of the coronavirus. The reverse repo rate was also lowered by 40 basis points to 3.35 percent and the marginal standing facility rate to 4.25 percent. The committee also decided to continue with the accommodative stance of monetary policy aiming to achieve the medium-term inflation target of 4 percent +/- 2 percent, and mitigate the impact of COVID-19 on the economy, while supporting growth.

Interest Rate in India averaged 6.59 percent from 2000 until 2020, 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. This page provides - India Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Reserve Bank of India

Interest Rate in India is expected to be 3.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in India to stand at 3.50 in 12 months time. In the long-term, the India Interest Rate is projected to trend around 3.50 percent in 2021 and 3.75 percent in 2022, according to our econometric models.

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India Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
4.00 4.40 14.50 4.00 2000 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2019-12-05 06:15 AM 5.15% 5.15% 4.9% 4.9%
2020-02-06 06:15 AM 5.15% 5.15% 5.15% 5.15%
2020-03-27 05:10 AM 4.4% 5.15% 4.5%
2020-05-22 04:30 AM 4% 4.4%


News Stream
India Unexpectedly Slashes Repo Rate to 4%
The Reserve Bank of India unexpectedly lowered its benchmark repurchase rate by 40 basis points to 4 percent in an emergency move on May 22nd, amid an ongoing nationwide lockdown to prevent further spreading of the coronavirus. The reverse repo rate was also lowered by 40 basis points to 3.35 percent and the marginal standing facility rate to 4.25 percent. The committee also decided to continue with the accommodative stance of monetary policy aiming to achieve the medium-term inflation target of 4 percent +/- 2 percent, and mitigate the impact of COVID-19 on the economy, while supporting growth.
2020-05-22
RBI Announces Special Liquidity Facility
The Reserve Bank of India (RBI) launched a special liquidity facility for mutual funds (SLF-MF) of 500 billion rupees (USD 6.56 billion) to ease pressure due to the coronavirus pandemic. The bank will conduct repo operations for 90 days' tenor the fixed repo rate. The scheme is available from April 27, 2020 till May 11, 2020 or up to utilization of the allocated amount, whichever is earlier. The Reserve Bank will review the timeline and amount, depending upon market conditions. Exposures under this facility will not be reckoned under the large exposures framework and stand to be classified as held to maturity, even in excess of the permissible 25 percent of total investments. Policymakers had already cut its benchmark repurchase rate by 75bps to 4.40 percent on March 27th.
2020-04-27
RBI Unveils Additional Stimulus Measures
The Reserve Bank of India announced a new package of stimulus measures on April 1st, to help mitigate the negative impact of the coronavirus pandemic on the economy. The measures include deferring implementation of counter-cyclical capital buffer, review of limits of Way and Means advances of States/UTs and an extension of realisation period of export proceeds. Policymakers had already cut its benchmark repurchase rate by 75bps to 4.40 percent on March 27th, joining central banks around the world in delivering stimulus to combat COVID-19 after the country entered a three-week nationwide lockdown.
2020-04-01
RBI Cuts Interest Rates to 4.4% in Emergency Move
The Reserve Bank of India lowered its benchmark repurchase rate by 75 bps to 4.40 percent in an emergency move on March 27th, joining central banks around the world in delivering stimulus to mitigate the impact of COVID-19 on the economy after the country entered a three-week nationwide lockdown. The central bank also cut the cash reserve ratio by 100 basis points to 3 percent to boost liquidity. The reverse repo rate at which RBI borrows from banks was also lowered by 75 bps to 4.15 percent. Inflation was projected at 6.5 percent for the fourth quarter of fiscal 2019-2020.
2020-03-27

India Interest Rate
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.