FILE PHOTO: A woman walks past the Reserve Bank of India (RBI) logo at its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas/File Photo | Photo credit: FRANCIS MASCARENHAS
In the fourth bi-monthly monetary policy of the current fiscal, RBI Governor Sanjay Malhotra said the Monetary Policy Committee (MPC) had unanimously decided to keep the short-term interest rate or repo rate unchanged at 5.5%, with a neutral stance.
Since February 2025, the RBI has cut the policy rate by 100 basis points. At the previous policy review in June, the country had cut the repo rate by 50 basis points to 5.5%. Retail inflation has been trending below 4% since February this year. It became easier 0.25% in October, the lowest annualized inflation in the current CPI series. India’s GDP grew 8.2% in the second quarter of FY26 (the highest level in six quarters), driven by robust services, manufacturing and an above-normal monsoon.
The current MPC meeting began on December 3 and the decisions will be announced on December 5 at 10 am IST, followed by a press conference at 12 noon, live on RBI’s YouTube, X and website. Minutes will follow in two weeks.
Here are the highlights of the Reserve Bank of India’s Monetary Policy Committee (MPC) meetings of October ’25, August ’25, June ’25, April ’25 and February ’25. The next MPC meeting, which also happens to be the last of this fiscal year, is scheduled for February 4-6, 2025.
- December 5, 2025 7:57 AM
RBI MPC complies: Interest rates do not appear to be the main driver of overall savings rate: MPC Member
The likely negative impact on bank deposits and moderation in household savings should not be a reason not to go for a further rate cut, said Ram Singh, member of the Monetary Policy Committee (MPC).
Interest rates do not appear to be the main driver of the overall savings rate: MPC Member
The likely negative impact on bank deposits and moderation in household savings should not be a reason not to go for a further rate cut, said Ram Singh, member of the Monetary Policy Committee (MPC).
- December 5, 2025 07:55
RBI MPC meets: SBI economists believe December rate cut is a close call and not a given
The higher growth rates for the second quarter (July-September) and October’s inflation figures will pose a serious dilemma for the RBI in a rate action in December, according to the Economic Research Department (ERD) of the State Bank of India.
SBI economists believe that the December rate cut is a close call and not a given
SBI economists suggest that a rate cut in December is uncertain, driven by growth in the second quarter and inflation challenges for the RBI in October.
- December 5, 2025 07:46
RBI MPC meets expectations: 25 basis points cut in repo rate likely at December MPC meeting, says Morgan Stanley
According to a recent report by Morgan Stanley, the Reserve Bank of India (RBI) is expected to cut the repo rate by 25 basis points at its upcoming policy meeting in December 2025.
A 25 basis point cut in the repo rate likely at the MPC meeting in December, Morgan Stanley says
Morgan Stanley forecasts a 25 basis point cut in repo rate by the RBI by December 2025, driven by CPI inflation trends and economic growth.
- December 5, 2025 07:34
Indian bond markets after RBI’s December 5 repo rate decision: five likely scenarios
India’s stronger-than-expected GDP growth at a time when retail inflation has hit record lows has shaken the bond market’s view on the direction of interest rates and raised the prospect of sharp moves when the central bank announces its decision on Friday. Before the release of the economic growth data, a Reuters Opinion polls had forecast a 25 basis point cut in the policy repo rate to 5.25 percent.
Indian bond markets after RBI’s December 5 repo rate decision: five likely scenarios
Explore five potential scenarios for Indian bond markets following the RBI’s December 5 interest rate decision and expected market reactions.
Published on December 5, 2025
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