RBI Releases MPC Schedule For FY 2025-26, First Monetary Policy Meeting On Apr 9
During the last meeting in February, the Monetary Policy Committee reduced the key short-term lending rate by 25 basis points. This was done after a long gap of almost five years.
The Reserve Bank of India (RBI) on Wednesday announced the schedule for the Monetary Policy Committee (MPC) meetings of the financial year 2025-26, which starts on Apr 1.
The MPC will have a total of six meetings in the next fiscal year, starting with the first one from Apr 7-9. The decision was taken according to Section 45ZI of the Reserve Bank of India Act, 1934.
During its last meeting in February, the MPC announced a reduction in the key short-term lending rate by 25 basis points after a long gap of nearly five years.
Monetary Policy Committee Meetings: Dates for 2025-26
Apr 7, 8 and 9
Jun 4, 5 and 6
Aug 5, 6 and 7
Sep 29, 30 and Oct 1
Dec 3, 4 and 5
Feb 4, 5 and 6, 2026
What is MPC?
The MPC consists of six members, out of which three belong to the central bank, while the remaining are appointed by the central government.
The Committee is tasked to set up key interest rates, besides making the monetary policy to ensure price stability.
The repo rate, which derives the loan and deposit rates across all markets, is decided during the MPC meeting, which usually takes place every two months.
Bi-monthly monetary policy is announced post discussions over the prevailing domestic and economic situations.
Decisions of the MPC hold major significance in helping the government to keep the currency in a stabilised position and controlling the inflation.
Typically, the panel votes on a resolution on the last day of their three-day meeting. Thereafter, the RBI Governor makes the decision official after the vote is completed.
Following the first bi-monthly policy review meeting in April, the next ones will take place in June, August, September, December and February next year. The last one could be just days after the Union Budget is tabled in the Parliament.
MPC members
Led by the RBI Governor, the six-member panel has three external members.
Presently, the MPC members are:
1. RBI Governor Sanjay Malhotra
2. RBI Executive Director Dr Rajiv Ranjan
3. Deputy RBI Governor M Rajeshwar Rao.
4. Dr Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development, New Delhi
5. Saugata Bhattacharya, Economist
6. Professor Ram Singh, Director, Delhi School of Economics, University of Delhi
