The rate at which the RBI lends overnight to banks against government securities. The Monetary Policy Committee votes on it.
| Period | Value | Status | Base |
|---|---|---|---|
| 2026-10-07 | 5.50 | MPC resolution, 5–7 October 2026 (unanimous; stance 4–2) | |
| 2025-12-05 | 5.25 | MPC resolution, December 2025 (unanimous) | |
| 2025-06-06 | 5.50 | MPC resolution, 4–6 June 2025 (5–1 vote) | |
| 2025-04-09 | 6.00 | MPC resolution, 7–9 April 2025 (unanimous) | |
| 2025-02-07 | 6.25 | MPC resolution, 5–7 February 2025 | |
| 2023-02-08 | 6.50 | MPC resolution, 6–8 February 2023 | |
| 2022-12-07 | 6.25 | MPC, December 2022 | |
| 2022-09-30 | 5.90 | MPC, September 2022 | |
| 2022-08-05 | 5.40 | MPC, August 2022 | |
| 2022-06-08 | 4.90 | MPC, June 2022 | |
| 2022-05-04 | 4.40 | MPC, off-cycle, 4 May 2022 | |
| 2020-05-22 | 4.00 | MPC, off-cycle, 22 May 2020 | |
| 2020-03-27 | 4.40 | MPC, off-cycle, 27 March 2020 (COVID-19) | |
| 2019-10-04 | 5.15 | MPC, October 2019 | |
| 2019-08-07 | 5.40 | MPC, August 2019 | |
| 2019-06-06 | 5.75 | MPC, June 2019 | |
| 2019-04-04 | 6.00 | MPC, April 2019 | |
| 2019-02-07 | 6.25 | MPC, February 2019 | |
| 2018-08-01 | 6.50 | MPC, August 2018 | |
| 2018-06-06 | 6.25 | MPC, June 2018 | |
| 2017-08-02 | 6.00 | MPC, August 2017 | |
| 2016-10-04 | 6.25 | MPC, 3–4 October 2016 (the first MPC meeting) | |
| 2016-04-05 | 6.50 | RBI policy review, April 2016 | |
| 2015-09-29 | 6.75 | RBI policy review, September 2015 | |
| 2015-06-02 | 7.25 | RBI policy review, June 2015 | |
| 2015-03-04 | 7.50 | RBI off-cycle cut, 4 March 2015 | |
| 2015-01-15 | 7.75 | RBI off-cycle cut, 15 January 2015 | |
| 2014-01-28 | 8.00 | RBI policy review, January 2014 | |
| 2013-10-29 | 7.75 | RBI policy review, October 2013 | |
| 2013-09-20 | 7.50 | RBI policy review, September 2013 (Governor Rajan's first) | |
| 2013-05-03 | 7.25 | RBI policy review, May 2013 | |
| 2013-03-19 | 7.50 | RBI policy review, March 2013 | |
| 2013-01-29 | 7.75 | RBI policy review, January 2013 | |
| 2012-04-17 | 8.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2011-10-25 | 8.50 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2011-09-16 | 8.25 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2011-07-26 | 8.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2011-06-16 | 7.50 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2011-05-03 | 7.25 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2011-03-17 | 6.75 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2011-01-25 | 6.50 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2010-11-02 | 6.25 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2010-09-16 | 6.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2010-07-27 | 5.75 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2010-07-02 | 5.50 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2010-04-20 | 5.25 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2010-03-19 | 5.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2009-04-21 | 4.75 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2009-03-05 | 5.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2009-01-05 | 5.50 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2008-12-08 | 6.50 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2008-11-03 | 7.50 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2008-10-20 | 8.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2008-07-30 | 9.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2008-06-25 | 8.50 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2008-06-12 | 8.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2007-03-30 | 7.75 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2007-01-31 | 7.50 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2006-10-30 | 7.25 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2006-07-25 | 7.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2006-01-24 | 6.50 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2005-10-26 | 6.25 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2004-03-31 | 6.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2003-03-19 | 7.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2003-03-07 | 7.10 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2002-11-12 | 7.50 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2002-03-28 | 8.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2001-06-07 | 8.50 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2001-04-30 | 8.75 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 | |
| 2001-03-09 | 9.00 | Reuters timeline of repo rate changes, with RBI notifications for 2011-12 |
It anchors short-term interest rates. Since April 2022 the corridor has run from the SDF rate, 25 basis points below repo, to the MSF rate, 25 above.
Changes reach loan rates and spending with a lag of months to quarters, and act weakly on food prices. The history here starts in March 2001; before the MPC began in October 2016 the Governor set the rate, and before 2004 the repo was one of two money-market rates, with the Bank Rate carrying the signal.