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The bi-monthly policy review meetings are held every two months in the ongoing financial year.
The Reserve Bank of India held its sixth and final MPC meeting for FY25 earlier this year, delivering its first interest rate cut in five years. (Photo: iStock)
The Reserve Bank of India has unveiled the schedule of its Monetary Policy Committee (MPC) meetings for the financial year 2025-26, which is set to start on April 1, 2025. The committee meets every two months to discuss the key policy rates and guide the overall monetary policy framework for the country, leading to major decisions that affect inflation, financial stability, and economic growth. The committee’s outcomes also impact the interest rates, borrowing costs, and investor activities across markets.
Speaking of which, the MPC will have a total of six meetings in the next fiscal year, starting with the first one on April 7, 8, and 8, 2025.
MPC Meeting Calendar For FY25
First Meeting: April 7, 8, and 9
Second Meeting: June 4, 5, and 6
Third Meeting: August 5, 6, and 7
Fourth Meeting: September 29, 30, and Oct 1
Fifth Meeting: December 3, 4, and 5
Sixth Meeting: February 4, 5, and 6, 2026
As per tradition, a six-member panel chaired the meeting, including three external members who vote on the policy resolution on the third day of every meeting. Later, the RBI governor announces the decision in the first half of the day. Additionally, the repo rate, which decides the loan and deposit interest rates, is decided during the MOC meetings. Following the five bi-monthly policy review meetings in 2025, the last one will be held a few days before the Union Budget 2026.
Currently, the six-member panel comprises three members from the central bank, including RBI Governor Sanjay Malhotra, RBI Executive Director Dr Rajiv Ranjan, Deputy RBI Governor M. Rajeshwar Rao followed by three external members – Dr Nagesh Kumar (Director and Chief Executive, Institute for Studies in Industrial Development), Saugata Bhattacharya (Economist), and Professor Ram Singh (Director, Delhi School of Economics, University of Delhi).
RBI’s Final MPC Meeting 2025
The Reserve Bank of India held its sixth and final MPC meeting for FY25 earlier this year, delivering its first interest rate cut in five years. In a unanimous decision, the MPC members slashed the benchmark repo rate by 25 basis points (bps) to 6.25 per cent from 6.50 per cent. “Given the macroeconomic outlook when inflation is expected to align with the target, and recognising that monetary policy is forward-looking, I view a lower policy rate to be more appropriate at the current juncture,” explained the RBI governor.
