Repo Rate History 2026: Current RBI Repo Rate
The current repo rate of RBI is 5.50%, effective 7 October 2026, when the Monetary Policy Committee (MPC) raised it by 25 basis points from 5.25%. This was the RBI's first rate hike since February 2023, and the stance was changed from "neutral" to "calibrated tightening".
🔥 Key Exam Takeaway: Repo rate 5.50% · SDF 5.25% · MSF 5.75% · Bank Rate 5.75% · Fixed reverse repo 3.35% · CRR 3.00% · SLR 18.00% (RBI website, October 2026). In 2025 the RBI cut the repo rate by a total of 125 bps (6.50% → 5.25%); in October 2026 it hiked by 25 bps (5.25% → 5.50%).
Every figure in this note is taken from RBI press releases and the RBI home page (rbi.org.in). If a coaching PDF or older website shows a different "current repo rate", it is out of date.
Current Repo Rate, Reverse Repo, SDF, MSF, CRR and SLR (October 2026)
| Policy rate / ratio | Current value | Since | How it is linked |
|---|---|---|---|
| Policy repo rate | 5.50% | 7 Oct 2026 | Set by the MPC |
| Standing Deposit Facility (SDF) rate | 5.25% | 7 Oct 2026 | Repo − 0.25% |
| Marginal Standing Facility (MSF) rate | 5.75% | 7 Oct 2026 | Repo + 0.25% |
| Bank Rate | 5.75% | 7 Oct 2026 | Kept equal to MSF |
| Fixed reverse repo rate | 3.35% | 22 May 2020 | No longer the floor of the corridor since April 2022 |
| Cash Reserve Ratio (CRR) | 3.00% of NDTL | Cut in four steps from Sep to Nov 2025 | Set by the RBI, not the MPC |
| Statutory Liquidity Ratio (SLR) | 18.00% of NDTL | April 2020 | Set by the RBI |
Shortcut for exams: once you know the repo rate, you know three more rates. SDF = repo − 25 bps, MSF = Bank Rate = repo + 25 bps. With repo at 5.50%, SDF is 5.25% and MSF and Bank Rate are 5.75%.
What Is Repo Rate? (Meaning in Simple Words)
Repo rate is the interest rate at which the RBI lends short-term money to commercial banks against government securities. "Repo" stands for repurchase agreement: the bank sells securities to the RBI and agrees to buy them back later at a slightly higher price. That price difference is the interest.
- Repo rate up → banks borrow at a higher cost → loan EMIs rise → spending slows → inflation cools.
- Repo rate down → cheaper money → loans become cheaper → growth is supported.
Since 1 October 2019, most new floating-rate retail loans (home, auto, MSME) are linked to an external benchmark, and most banks use the repo rate. So a repo change reaches many borrowers at their loan's next reset date.
What Is Reverse Repo Rate?
Reverse repo is the opposite: the rate at which the RBI absorbs surplus money from banks. Since April 2022, the floor of the liquidity corridor has been the SDF (no collateral needed), and the fixed reverse repo rate has stayed at 3.35% (unchanged since 22 May 2020). Exams still ask about it, so remember both numbers.
RBI Repo Rate History 2026 (Meeting by Meeting)
| MPC meeting (FY) | Decision date | Repo rate | Change | Stance |
|---|---|---|---|---|
| 59th, 4–6 Feb 2026 (FY 2025-26) | 6 Feb 2026 | 5.25% | No change | Neutral |
| 60th, 6–8 Apr 2026 (FY 2026-27) | 8 Apr 2026 | 5.25% | No change | Neutral |
| 61st, 3–5 Jun 2026 | 5 Jun 2026 | 5.25% | No change | Neutral |
| 62nd, 3–5 Aug 2026 | 5 Aug 2026 | 5.25% | No change | Neutral |
| 63rd, 5–7 Oct 2026 | 7 Oct 2026 | 5.50% | +25 bps | Calibrated tightening |
| 64th, 2–4 Dec 2026 | Scheduled | — | — | — |
Why the RBI hiked in October 2026: the MPC said CPI inflation had risen to 4.8% in August 2026, and it projected 5.2% for 2026-27 because of the West Asia conflict, high crude oil prices, a deficient monsoon and El Niño. The vote on the rate was unanimous (6–0); two members (Dr. Nagesh Kumar and Prof. Ram Singh) wanted the stance kept at neutral. The next meeting is scheduled for 2–4 December 2026.
Repo Rate History Year Wise: Every Change from 2005 to 2026
The table lists only the dates when the repo rate changed. Meetings where it was held are not shown.
| Effective date | Repo rate | Change |
|---|---|---|
| 7 Oct 2026 | 5.50% | +25 bps |
| 5 Dec 2025 | 5.25% | −25 bps |
| 6 Jun 2025 | 5.50% | −50 bps |
| 9 Apr 2025 | 6.00% | −25 bps |
| 7 Feb 2025 | 6.25% | −25 bps |
| 8 Feb 2023 | 6.50% | +25 bps |
| 7 Dec 2022 | 6.25% | +35 bps |
| 30 Sep 2022 | 5.90% | +50 bps |
| 5 Aug 2022 | 5.40% | +50 bps |
| 8 Jun 2022 | 4.90% | +50 bps |
| 4 May 2022 | 4.40% | +40 bps (off-cycle meeting) |
| 22 May 2020 | 4.00% | −40 bps (record low) |
| 27 Mar 2020 | 4.40% | −75 bps |
| 4 Oct 2019 | 5.15% | −25 bps |
| 7 Aug 2019 | 5.40% | −35 bps |
| 6 Jun 2019 | 5.75% | −25 bps |
| 4 Apr 2019 | 6.00% | −25 bps |
| 7 Feb 2019 | 6.25% | −25 bps |
| 1 Aug 2018 | 6.50% | +25 bps |
| 6 Jun 2018 | 6.25% | +25 bps |
| 2 Aug 2017 | 6.00% | −25 bps |
| 4 Oct 2016 | 6.25% | −25 bps (first MPC decision) |
| 5 Apr 2016 | 6.50% | −25 bps |
| 29 Sep 2015 | 6.75% | −50 bps |
| 2 Jun 2015 | 7.25% | −25 bps |
| 4 Mar 2015 | 7.50% | −25 bps |
| 15 Jan 2015 | 7.75% | −25 bps |
| 28 Jan 2014 | 8.00% | +25 bps |
| 29 Oct 2013 | 7.75% | +25 bps |
| 20 Sep 2013 | 7.50% | +25 bps |
| 3 May 2013 | 7.25% | −25 bps |
| 19 Mar 2013 | 7.50% | −25 bps |
| 29 Jan 2013 | 7.75% | −25 bps |
| 17 Apr 2012 | 8.00% | −50 bps |
| 25 Oct 2011 | 8.50% | +25 bps |
| 16 Sep 2011 | 8.25% | +25 bps |
| 26 Jul 2011 | 8.00% | +50 bps |
| 16 Jun 2011 | 7.50% | +25 bps |
| 3 May 2011 | 7.25% | +50 bps |
| 17 Mar 2011 | 6.75% | +25 bps |
| 25 Jan 2011 | 6.50% | +25 bps |
| 2 Nov 2010 | 6.25% | +25 bps |
| 16 Sep 2010 | 6.00% | +25 bps |
| 27 Jul 2010 | 5.75% | +25 bps |
| 2 Jul 2010 | 5.50% | +25 bps |
| 20 Apr 2010 | 5.25% | +25 bps |
| 19 Mar 2010 | 5.00% | +25 bps |
| 21 Apr 2009 | 4.75% | −25 bps |
| 4 Mar 2009 | 5.00% | −50 bps |
| 2 Jan 2009 | 5.50% | −100 bps |
| 8 Dec 2008 | 6.50% | −100 bps |
| 3 Nov 2008 | 7.50% | −50 bps |
| 20 Oct 2008 | 8.00% | −100 bps |
| 29 Jul 2008 | 9.00% | +50 bps (highest since 2005) |
| 24 Jun 2008 | 8.50% | +50 bps |
| 11 Jun 2008 | 8.00% | +25 bps |
| 30 Mar 2007 | 7.75% | +25 bps |
| 31 Jan 2007 | 7.50% | +25 bps |
| 30 Oct 2006 | 7.25% | +25 bps |
| 25 Jul 2006 | 7.00% | +25 bps |
| 8 Jun 2006 | 6.75% | +25 bps |
| 24 Jan 2006 | 6.50% | +25 bps |
Recent rows (2025–2026) are checked against RBI MPC resolutions; older rows follow RBI's policy announcements as compiled by RBI-based datasets. Before October 2004, RBI's terms "repo" and "reverse repo" were used the other way round, so pre-2004 figures are not comparable and are left out.
Repo Rate History Last 5 Years (2021–2026) at a Glance
| Calendar year | Repo rate on 1 January | Repo rate on 31 December | Net change in the year |
|---|---|---|---|
| 2021 | 4.00% | 4.00% | 0 (held all year) |
| 2022 | 4.00% | 6.25% | +225 bps (five hikes) |
| 2023 | 6.25% | 6.50% | +25 bps |
| 2024 | 6.50% | 6.50% | 0 (held all year) |
| 2025 | 6.50% | 5.25% | −125 bps (four cuts) |
| 2026 (till 17 Oct) | 5.25% | 5.50% so far | +25 bps |
Records to remember:
- Lowest repo rate since 2005: 4.00% (22 May 2020 to 3 May 2022, the COVID period).
- Highest since 2005: 9.00% (29 July 2008).
- Biggest single cut in the MPC era: 75 bps on 27 March 2020.
- Biggest hike in the MPC era: 50 bps, done three times in 2022 (June, August, September).
- Longest unchanged spell in recent years: 6.50% from 8 Feb 2023 until the cut of 7 Feb 2025 (two years).
Who Decides the Repo Rate? Monetary Policy Committee (MPC) Facts
| Fact | Detail |
|---|---|
| Legal basis | Section 45ZB of the RBI Act, 1934 (inserted by the Finance Act, 2016) |
| Members | 6: three from the RBI (Governor as chair, one Deputy Governor, one RBI officer) and three external members appointed by the Government |
| Present chair | Governor Sanjay Malhotra (since 11 Dec 2024) |
| Quorum | 4 members, including the Governor or the Deputy Governor |
| Casting vote | Governor, in case of a tie |
| Meetings | At least 4 a year; in practice 6 (bi-monthly) |
| Inflation target | 4% CPI, with a tolerance band of 2% to 6% (set by the Central Government under Section 45ZA) |
| First MPC decision | 4 October 2016 (cut to 6.25%) |
| Minutes | Published on the 14th day after the meeting (Oct 2026 minutes: 21 Oct 2026) |
| External members in Oct 2026 | Dr. Nagesh Kumar, Shri Saugata Bhattacharya, Prof. Ram Singh |
The MPC sets only the policy repo rate (and its stance). CRR and SLR are decided by the RBI itself, which is a common exam trap.
Repo Rate vs Reverse Repo vs Bank Rate vs MSF vs SDF
| Term | Who borrows from whom | Collateral | Tenure | Current rate |
|---|---|---|---|---|
| Repo | Banks borrow from RBI | Government securities | Overnight to short term | 5.50% |
| Reverse repo | RBI borrows from banks | RBI gives securities | Short term | 3.35% (fixed) |
| SDF | RBI absorbs surplus from banks | None | Overnight | 5.25% |
| MSF | Banks borrow from RBI in emergency | Govt securities, even from SLR quota | Overnight | 5.75% |
| Bank Rate | RBI's rate for rediscounting bills / long-term loans; used as penal-rate benchmark | — | Long term | 5.75% |
Repo Rate Questions for Bank Exams 2026 (with Answers)
Q1. What is the current repo rate of RBI (October 2026)? (a) 5.25% (b) 5.50% (c) 5.75% (d) 6.00% Answer: (b) 5.50%. Raised by 25 bps on 7 October 2026.
Q2. With the repo rate at 5.50%, the MSF rate is: (a) 5.25% (b) 5.50% (c) 5.75% (d) 6.00% Answer: (c) 5.75%. MSF = repo + 25 bps.
Q3. Which tool became the floor of the LAF corridor in April 2022? (a) Fixed reverse repo (b) SDF (c) Bank Rate (d) CRR Answer: (b) SDF.
Q4. By how many basis points did the RBI cut the repo rate in calendar year 2025? (a) 75 (b) 100 (c) 125 (d) 150 Answer: (c) 125 bps (25 + 25 + 50 + 25).
Q5. The October 2026 MPC changed the policy stance to: (a) Accommodative (b) Neutral (c) Withdrawal of accommodation (d) Calibrated tightening Answer: (d) Calibrated tightening.
Q6. What was the lowest repo rate since 2005? (a) 3.35% (b) 4.00% (c) 4.40% (d) 4.75% Answer: (b) 4.00%, set on 22 May 2020.
Q7. Under which section of the RBI Act is the MPC constituted? (a) 45ZA (b) 45ZB (c) 45ZL (d) 7 Answer: (b) 45ZB. (45ZA covers the inflation target and 45ZL the publication of minutes.)
Q8. Who is the chairperson of the MPC in 2026? (a) Shaktikanta Das (b) Sanjay Malhotra (c) Poonam Gupta (d) Urjit Patel Answer: (b) Sanjay Malhotra. Dr. Poonam Gupta is the Deputy Governor on the MPC.
Q9. CRR at present (October 2026) is: (a) 3.00% (b) 4.00% (c) 4.50% (d) 18.00% Answer: (a) 3.00%. It was cut from 4% in four 25-bps steps between September and November 2025.
Q10. If the RBI raises the repo rate, which of these is most likely? (a) Home loan EMIs fall (b) Bank deposit rates fall (c) Loan EMIs rise and inflation is checked (d) SLR rises automatically Answer: (c).
Repo Rate FAQs
What is the current repo rate in India in 2026?
The repo rate is 5.50% from 7 October 2026. Before that it was 5.25% from 5 December 2025.
Repo rate kya hai abhi?
अभी (अक्टूबर 2026) RBI का रेपो रेट 5.50% है। 7 अक्टूबर 2026 को इसे 0.25% बढ़ाया गया।
What is the repo rate history for the last 5 years?
4.00% through 2021, five hikes in 2022 to 6.25%, 6.50% from February 2023 to February 2025, four cuts in 2025 to 5.25%, and a hike to 5.50% in October 2026.
When is the next RBI monetary policy meeting in 2026?
The next MPC meeting is scheduled for 2–4 December 2026. The remaining one in FY 2026-27 is on 3–5 February 2027.
Is the repo rate decided by the RBI Governor alone?
No. It is decided by a majority vote of the six-member MPC. The Governor has a casting vote only if there is a tie.
What is the difference between repo rate and reverse repo rate?
Repo is the rate at which the RBI lends to banks; reverse repo is the rate at which the RBI borrows from banks. The repo rate is always higher.
Related topics: revise current CRR and SLR rate 2026 next.
Practice Next
- Test yourself in the IBPS and SBI Clerk RBI and Monetary Policy Mock Test 01 and the IBPS and SBI PO RBI and Monetary Policy Mock Test 01.
- Revise the full Banking Awareness Mock Test 01.
- Latest MPC decision (October 2026) quiz: SBI PO Mains Banking Awareness Mock Test 01.
- Related notes: List of RBI Governors 1935 to 2026, Banking Terms A to Z, Basel Norms 1, 2, 3 Difference and Priority Sector Lending Targets; also see monetary policy tools of RBI, plus inflation and its types.
- Apply now: SBI Clerk Recruitment 2026.
- Browse all study notes.