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At a glance/Money and RBI/Real repo rate
Money and RBI · monthly

Real repo rate

The repo rate minus CPI inflation: the cost of overnight money after inflation.

Sep 2026● Fresh
−0.29 pts
Next release expected around 2026-11-12.
Previous0.42Aug 2026
A year earlier4.06Sep 2025
Highest5.25Oct 2025
Lowest−3.79Apr 2022

Over time

−4−20246zero−0.29−3.61 · COVID-19 lockdown−3.41 · Taper tantrum4.79 · Demonetisation201520172019202120232025
RBI, Monetary Policy Committee resolutions (entered by hand)CSV

Circled points are the largest swings, labelled with the nearest event in our timeline. That is when it happened, not proof of cause.

View as a table
PeriodValueStatusBase
2026-09−0.292024
2026-080.422024
2026-070.802024
2026-060.872024
2026-051.322024
2026-041.772024
2026-031.852024
2026-022.042024
2026-012.512024
2025-123.922012
2025-114.792012
2025-105.252012
2025-094.062012
2025-083.432012
2025-073.892012
2025-063.402012
2025-053.182012
2025-042.842012
2025-032.912012
2025-022.642012
2025-012.242012
2024-121.282012
2024-111.022012
2024-100.292012
2024-091.012012
2024-082.852012
2024-072.902012
2024-061.422012
2024-051.702012
2024-041.672012
2024-031.652012
2024-021.412012
2024-011.402012
2023-120.812012
2023-110.952012
2023-101.632012
2023-091.482012
2023-08−0.332012
2023-07−0.942012
2023-061.632012
2023-052.192012
2023-041.802012
2023-030.842012
2023-020.062012
2023-01−0.272012
2022-120.532012
2022-110.022012
2022-10−0.872012
2022-09−1.512012
2022-08−1.602012
2022-07−1.812012
2022-06−2.112012
2022-05−2.642012
2022-04−3.792012
2022-03−2.952012
2022-02−2.072012
2022-01−2.012012
2021-12−1.662012
2021-11−0.912012
2021-10−0.482012
2021-09−0.352012
2021-08−1.302012
2021-07−1.592012
2021-06−2.262012
2021-05−2.302012
2021-04−0.232012
2021-03−1.522012
2021-02−1.032012
2021-01−0.062012
2020-12−0.592012
2020-11−2.932012
2020-10−3.612012
2020-09−3.272012
2020-08−2.692012
2020-07−2.732012
2020-06−2.232012
2020-03−1.442012
2020-02−1.432012
2020-01−2.442012
2019-12−2.202012
2019-11−0.392012
2019-100.532012
2019-091.412012
2019-082.122012
2019-072.602012
2019-062.572012
2019-052.952012
2019-043.012012
2019-033.392012
2019-023.682012
2019-014.532012
2018-124.392012
2018-114.172012
2018-103.122012
2018-092.802012
2018-082.812012
2018-072.082012
2018-061.332012
2018-051.132012
2018-041.422012
2018-031.722012
2018-021.562012
2018-010.932012
2017-120.792012
2017-111.122012
2017-102.422012
2017-092.722012
2017-082.722012
2017-073.892012
2017-064.792012
2017-054.072012
2017-043.262012
2017-032.362012
2017-022.602012
2017-013.082012
2016-122.842012
2016-112.622012
2016-102.052012
2016-092.112012
2016-081.452012
2016-070.432012
2016-060.732012
2016-050.742012
2016-041.032012
2016-031.922012
2016-021.492012
2016-011.062012
2015-121.142012
2015-111.342012
2015-101.752012
2015-092.342012
2015-083.512012
2015-073.562012
2015-061.852012
2015-052.492012
2015-042.632012
2015-032.252012
2015-022.382012
2015-012.562012
2014-123.722012
2014-114.732012
2014-103.382012
2014-092.372012
2014-080.972012
2014-070.612012
2014-061.232012
2014-05−0.332012
2014-04−0.482012
2014-03−0.252012
2014-020.122012
2014-01−0.602012
2013-12−2.122010
2013-11−3.412010
2013-10−2.422010
2013-09−2.342010
2013-08−2.272010
2013-07−2.392010
2013-06−2.622010
2013-05−2.062010
2013-04−1.892010
2013-03−2.892010
2013-02−3.162010
2013-01−3.042010
Why it matters

Above zero, borrowing costs something in real terms, which cools demand. Near or below zero, policy is not restrictive.

What it leaves out

Uses current, not expected, inflation; economists often prefer the expected version.

How we compute it

Repo rate in force at the end of the month minus that month's CPI inflation.

RelatedRepo rate →CPI inflation →
Past-paper questionsMoney, banking and financial markets in India →Fiscal and monetary policy effectiveness →Inflation, unemployment and the Phillips curve →
Source · RBI, Monetary Policy Committee resolutions (entered by hand) · Facts from RBI releases, attributed; RBI pages are not mirrored
Unit · percentage points · worked out by us
Release · Updates with each CPI release or rate decision.
Last checked · 2026-10-22 · freshness of every number →
Series id · money.repo.real