RBI Repo Rate History
The RBI’s repo rate is 5.50% after the decision of Oct 7, 2026. The calendar lists 116 decisions since 2008: 27 hikes, 28 cuts and 61 holds; the last change was +25 bp on Oct 7, 2026.
RBI repo rate since 2008
Each step is a decision. Shaded: the hiking cycles in red and the cutting cycles in green.
RBI repo rate by year
The rate at the end of each year and what the RBI did during it. Holds are the scheduled decisions the calendar lists where the rate stayed put.
| Year | Rate at year end | Net change | Hikes | Cuts | Holds |
|---|---|---|---|---|---|
| 2026 | 5.50% | +25 bp | 1 | 0 | 4 |
| 2025 | 5.25% | −125 bp | 0 | 4 | 2 |
| 2024 | 6.50% | 0 bp | 0 | 0 | 6 |
| 2023 | 6.50% | +25 bp | 1 | 0 | 5 |
| 2022 | 6.25% | +225 bp | 5 | 0 | 2 |
| 2021 | 4.00% | 0 bp | 0 | 0 | 6 |
| 2020 | 4.00% | −115 bp | 0 | 2 | 4 |
| 2019 | 5.15% | −135 bp | 0 | 5 | 1 |
| 2018 | 6.50% | +50 bp | 2 | 0 | 4 |
| 2017 | 6.00% | −25 bp | 0 | 1 | 5 |
| 2016 | 6.25% | −50 bp | 0 | 2 | 4 |
| 2015 | 6.75% | −125 bp | 0 | 4 | 3 |
| 2014 | 8.00% | +25 bp | 1 | 0 | 4 |
| 2013 | 7.75% | −25 bp | 2 | 3 | 3 |
| 2012 | 8.00% | −50 bp | 0 | 1 | 6 |
| 2011 | 8.50% | +225 bp | 6 | 0 | 1 |
| 2010 | 6.25% | +150 bp | 6 | 0 | 0 |
| 2009 | 4.75% | −175 bp | 0 | 3 | 0 |
| 2008 | 6.50% | −125 bp | 3 | 3 | 1 |
RBI hiking and cutting cycles
A cycle is a run of moves in one direction, with holds allowed in between, ended by a move the other way.
| Cycle | From | To | Moves | Total | Rate before | Rate after |
|---|---|---|---|---|---|---|
| ▲ hike | Oct 7, 2026 | latest move | 1 | +25 bp | 5.25% | 5.50% |
| ▼ cut | Feb 7, 2025 | Dec 5, 2025 | 4 | −125 bp | 6.50% | 5.25% |
| ▲ hike | May 4, 2022 | Feb 8, 2023 | 6 | +250 bp | 4.00% | 6.50% |
| ▼ cut | Feb 7, 2019 | May 22, 2020 | 7 | −250 bp | 6.50% | 4.00% |
| ▲ hike | Jun 6, 2018 | Aug 1, 2018 | 2 | +50 bp | 6.00% | 6.50% |
| ▼ cut | Jan 15, 2015 | Aug 2, 2017 | 7 | −200 bp | 8.00% | 6.00% |
| ▲ hike | Sep 20, 2013 | Jan 28, 2014 | 3 | +75 bp | 7.25% | 8.00% |
| ▼ cut | Apr 17, 2012 | May 3, 2013 | 4 | −125 bp | 8.50% | 7.25% |
| ▲ hike | Mar 19, 2010 | Oct 25, 2011 | 12 | +375 bp | 4.75% | 8.50% |
| ▼ cut | Oct 20, 2008 | Apr 21, 2009 | 6 | −425 bp | 9.00% | 4.75% |
| ▲ hike | Jun 11, 2008 | Jul 29, 2008 | 3 | +125 bp | 7.75% | 9.00% |
All 116 RBI repo rate decisions since 2008
Newest first. The calendar lists every change; see the note on holds in the questions below.
| Date | Decision | Repo rate | Expected | Change |
|---|---|---|---|---|
| Oct 7, 2026 | ▲ hike | 5.50% | 5.50% | +25 bp |
| Aug 5, 2026 | ■ hold | 5.25% | 5.25% | 0 bp |
| Jun 5, 2026 | ■ hold | 5.25% | 5.25% | 0 bp |
| Apr 8, 2026 | ■ hold | 5.25% | 5.25% | 0 bp |
| Feb 6, 2026 | ■ hold | 5.25% | 5.25% | 0 bp |
| Dec 5, 2025 | ▼ cut | 5.25% | 5.25% | −25 bp |
| Oct 1, 2025 | ■ hold | 5.50% | 5.50% | 0 bp |
| Aug 6, 2025 | ■ hold | 5.50% | 5.50% | 0 bp |
| Jun 6, 2025 | ▼ cut | 5.50% | 5.75% | −50 bp |
| Apr 9, 2025 | ▼ cut | 6.00% | 6.00% | −25 bp |
| Feb 7, 2025 | ▼ cut | 6.25% | 6.25% | −25 bp |
| Dec 6, 2024 | ■ hold | 6.50% | 6.50% | 0 bp |
| Oct 9, 2024 | ■ hold | 6.50% | 6.50% | 0 bp |
| Aug 8, 2024 | ■ hold | 6.50% | 6.50% | 0 bp |
| Jun 7, 2024 | ■ hold | 6.50% | 6.50% | 0 bp |
| Apr 5, 2024 | ■ hold | 6.50% | 6.50% | 0 bp |
| Feb 8, 2024 | ■ hold | 6.50% | 6.50% | 0 bp |
| Dec 8, 2023 | ■ hold | 6.50% | 6.50% | 0 bp |
| Oct 6, 2023 | ■ hold | 6.50% | 6.50% | 0 bp |
| Aug 10, 2023 | ■ hold | 6.50% | 6.50% | 0 bp |
| Jun 8, 2023 | ■ hold | 6.50% | 6.50% | 0 bp |
| Apr 6, 2023 | ■ hold | 6.50% | 6.75% | 0 bp |
| Feb 8, 2023 | ▲ hike | 6.50% | 6.50% | +25 bp |
| Dec 7, 2022 | ▲ hike | 6.25% | 6.25% | +35 bp |
| Sep 30, 2022 | ▲ hike | 5.90% | 5.90% | +50 bp |
| Aug 5, 2022 | ▲ hike | 5.40% | 5.25% | +50 bp |
| Jun 8, 2022 | ▲ hike | 4.90% | 4.80% | +50 bp |
| May 4, 2022 | ▲ hike | 4.40% | — | +40 bp |
| Apr 8, 2022 | ■ hold | 4.00% | 4.00% | 0 bp |
| Feb 10, 2022 | ■ hold | 4.00% | 4.00% | 0 bp |
| Dec 8, 2021 | ■ hold | 4.00% | 4.00% | 0 bp |
| Oct 8, 2021 | ■ hold | 4.00% | — | 0 bp |
| Aug 6, 2021 | ■ hold | 4.00% | 4.00% | 0 bp |
| Jun 4, 2021 | ■ hold | 4.00% | 4.00% | 0 bp |
| Apr 7, 2021 | ■ hold | 4.00% | 4.00% | 0 bp |
| Feb 5, 2021 | ■ hold | 4.00% | 4.00% | 0 bp |
| Dec 4, 2020 | ■ hold | 4.00% | 4.00% | 0 bp |
| Oct 9, 2020 | ■ hold | 4.00% | 4.00% | 0 bp |
| Aug 6, 2020 | ■ hold | 4.00% | 3.75% | 0 bp |
| May 22, 2020 | ▼ cut | 4.00% | — | −40 bp |
| Mar 27, 2020 | ▼ cut | 4.40% | 5.15% | −75 bp |
| Feb 6, 2020 | ■ hold | 5.15% | 5.15% | 0 bp |
| Dec 5, 2019 | ■ hold | 5.15% | 4.90% | 0 bp |
| Oct 4, 2019 | ▼ cut | 5.15% | 5.15% | −25 bp |
| Aug 7, 2019 | ▼ cut | 5.40% | 5.50% | −35 bp |
| Jun 6, 2019 | ▼ cut | 5.75% | 5.75% | −25 bp |
| Apr 4, 2019 | ▼ cut | 6.00% | 6.00% | −25 bp |
| Feb 7, 2019 | ▼ cut | 6.25% | 6.50% | −25 bp |
| Dec 5, 2018 | ■ hold | 6.50% | — | 0 bp |
| Oct 5, 2018 | ■ hold | 6.50% | — | 0 bp |
| Aug 1, 2018 | ▲ hike | 6.50% | — | +25 bp |
| Jun 6, 2018 | ▲ hike | 6.25% | — | +25 bp |
| Apr 2, 2018 | ■ hold | 6.00% | — | 0 bp |
| Feb 7, 2018 | ■ hold | 6.00% | 6.00% | 0 bp |
| Dec 6, 2017 | ■ hold | 6.00% | 6.00% | 0 bp |
| Oct 4, 2017 | ■ hold | 6.00% | 6.00% | 0 bp |
| Aug 2, 2017 | ▼ cut | 6.00% | 6.00% | −25 bp |
| Jun 7, 2017 | ■ hold | 6.25% | 6.25% | 0 bp |
| Apr 6, 2017 | ■ hold | 6.25% | — | 0 bp |
| Feb 8, 2017 | ■ hold | 6.25% | — | 0 bp |
| Dec 7, 2016 | ■ hold | 6.25% | — | 0 bp |
| Oct 4, 2016 | ▼ cut | 6.25% | — | −25 bp |
| Aug 9, 2016 | ■ hold | 6.50% | — | 0 bp |
| Jun 7, 2016 | ■ hold | 6.50% | — | 0 bp |
| Apr 5, 2016 | ▼ cut | 6.50% | — | −25 bp |
| Feb 2, 2016 | ■ hold | 6.75% | — | 0 bp |
| Dec 1, 2015 | ■ hold | 6.75% | — | 0 bp |
| Sep 29, 2015 | ▼ cut | 6.75% | — | −50 bp |
| Aug 4, 2015 | ■ hold | 7.25% | — | 0 bp |
| Jun 2, 2015 | ▼ cut | 7.25% | — | −25 bp |
| Apr 7, 2015 | ■ hold | 7.50% | — | 0 bp |
| Mar 3, 2015 | ▼ cut | 7.50% | — | −25 bp |
| Jan 15, 2015 | ▼ cut | 7.75% | — | −25 bp |
| Dec 2, 2014 | ■ hold | 8.00% | — | 0 bp |
| Sep 30, 2014 | ■ hold | 8.00% | — | 0 bp |
| Jun 3, 2014 | ■ hold | 8.00% | — | 0 bp |
| Apr 1, 2014 | ■ hold | 8.00% | — | 0 bp |
| Jan 28, 2014 | ▲ hike | 8.00% | — | +25 bp |
| Dec 18, 2013 | ■ hold | 7.75% | — | 0 bp |
| Oct 29, 2013 | ▲ hike | 7.75% | — | +25 bp |
| Sep 20, 2013 | ▲ hike | 7.50% | — | +25 bp |
| Jul 30, 2013 | ■ hold | 7.25% | — | 0 bp |
| Jun 17, 2013 | ■ hold | 7.25% | — | 0 bp |
| May 3, 2013 | ▼ cut | 7.25% | — | −25 bp |
| Mar 19, 2013 | ▼ cut | 7.50% | — | −25 bp |
| Jan 29, 2013 | ▼ cut | 7.75% | — | −25 bp |
| Dec 18, 2012 | ■ hold | 8.00% | — | 0 bp |
| Oct 30, 2012 | ■ hold | 8.00% | — | 0 bp |
| Sep 17, 2012 | ■ hold | 8.00% | — | 0 bp |
| Jul 31, 2012 | ■ hold | 8.00% | 8.00% | 0 bp |
| Jun 18, 2012 | ■ hold | 8.00% | — | 0 bp |
| Apr 17, 2012 | ▼ cut | 8.00% | — | −50 bp |
| Jan 24, 2012 | ■ hold | 8.50% | — | 0 bp |
| Dec 16, 2011 | ■ hold | 8.50% | — | 0 bp |
| Oct 25, 2011 | ▲ hike | 8.50% | — | +25 bp |
| Sep 16, 2011 | ▲ hike | 8.25% | — | +25 bp |
| Jul 26, 2011 | ▲ hike | 8.00% | — | +75 bp |
| May 3, 2011 | ▲ hike | 7.25% | — | +50 bp |
| Mar 17, 2011 | ▲ hike | 6.75% | — | +25 bp |
| Jan 25, 2011 | ▲ hike | 6.50% | — | +25 bp |
| Nov 2, 2010 | ▲ hike | 6.25% | — | +25 bp |
| Sep 16, 2010 | ▲ hike | 6.00% | — | +25 bp |
| Jul 27, 2010 | ▲ hike | 5.75% | — | +25 bp |
| Jul 2, 2010 | ▲ hike | 5.50% | — | +25 bp |
| Apr 20, 2010 | ▲ hike | 5.25% | — | +25 bp |
| Mar 19, 2010 | ▲ hike | 5.00% | — | +25 bp |
| Apr 21, 2009 | ▼ cut | 4.75% | — | −25 bp |
| Mar 5, 2009 | ▼ cut | 5.00% | — | −50 bp |
| Jan 2, 2009 | ▼ cut | 5.50% | — | −100 bp |
| Dec 8, 2008 | ▼ cut | 6.50% | — | −100 bp |
| Nov 1, 2008 | ▼ cut | 7.50% | — | −50 bp |
| Oct 20, 2008 | ▼ cut | 8.00% | — | −100 bp |
| Oct 10, 2008 | ■ hold | 9.00% | — | 0 bp |
| Jul 29, 2008 | ▲ hike | 9.00% | — | +50 bp |
| Jun 13, 2008 | ▲ hike | 8.50% | — | +50 bp |
| Jun 11, 2008 | ▲ hike | 8.00% | — | +25 bp |
RBI repo rate history: questions
What is the RBI repo rate now?
5.50%, set on Oct 7, 2026. The next decision is on Dec 4, 2026 at 10:00 AM Mumbai.
When did the RBI last change the repo rate?
On Oct 7, 2026, a hike of 25 bp to 5.50%.
What is the highest the repo rate has been since 2008?
9.00%, first set on Jul 29, 2008. The lowest was 4.00%, first set on May 22, 2020.
How many times did the RBI raise the repo rate in its latest cycle?
1 time, +25 bp in all, from Oct 7, 2026, taking the rate from 5.25% to 5.50%.
How often does the RBI surprise the market?
Of the 51 decisions with a published expectation since Jul 31, 2012, 42 matched it, 4 came out above it (more hawkish) and 5 below it (more dovish).
Does this list every RBI meeting?
It lists every change of the rate. It does not always list a scheduled review where the rate was held, especially in the early years, so the count of holds is a minimum. Each decision’s “previous” rate matches the one before it, so no change is missing.
Where does this data come from?
FXStreet economic calendar, read automatically and never typed by hand, and refreshed with the rest of the site. Download it all as CSV. Check any figure against the RBI’s own site.
The latest decision, the next date and the schedule are on the RBI interest rate decision page.
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