India - Monetary Policy Rate

India: Monetary Policy Rate

Mnemonic IRMP.IIND
Unit %, NSA
Adjustments Not Seasonally Adjusted
Data 23 Mar 2023 6.5
22 Mar 2023 6.5

Series Information

Source Reserve Bank of India
Release Monetary Policy
Frequency Business Daily
Start Date 8/30/2000
End Date 3/23/2023

India: Markets

Reference Last Previous Units Frequency
Monetary Policy Rate 23 Mar 2023 6.5 6.5 %, NSA Daily
Money Market Rate 23 Mar 2023 3.35 3.35 %, NSA Daily
Stock Market Index 23 Mar 2023 57,925 58,214 Index, NSA Daily
Average Long-term Government Bond 22 Mar 2023 7.24 7.31 % p.a., NSA Wednesday Weekly
Treasury Bills (over 31 days) 22 Mar 2023 7.23 7.27 % p.a., NSA Wednesday Weekly
Lending Rate 10 Mar 2023 6.75 6.75 %, NSA Friday Weekly

Release Information

Monetary policy refers to the policy of the central bank with regard to the use of monetary instruments under its control to achieve the goals specified in the Act.

The Monetary Policy Committee constituted by the Central Government under Section 45ZB determines the policy interest rate required to achieve the inflation target. The commitee is required to meet at least four times in a year.

The Reserve Bank’s Monetary Policy Department assists the MPC in formulating the monetary policy. Views of key stakeholders in the economy, and analytical work of the Reserve Bank contribute to the process for arriving at the decision on the policy repo rate.

The Financial Market Committee meets on a daily basis to review the liquidity conditions to ensure that the operating target of monetary policy is kept close to the policy repo rate.

The data is final when published.