RBI releases MPC calendar for FY27; check next monetary policy date and full schedule

The Reserve Bank of India (RBI) on Monday, March 23, announced the calendar for the bi-monthly monetary policy committee (MPC) meetings for the financial year 2026-27 (FY27), with the first rate decision meeting set for April 6-8.

The six-member rate-setting panel headed by the Reserve Bank Governor will hold six meetings in the next financial year.

Typically, the six-member panel votes on a resolution on the third day of the meeting and the RBI Governor announces the decision after the vote is completed.

The second bi-monthly policy review meeting will end on June 3-5, the statement said, adding that this will be followed by three-day meetings in August, October, December, and February.

The Monetary Policy Committee (MPC) of India is a six-member body tasked with fixing the benchmark policy rate (repo rate) to contain inflation. It comprises three RBI officials (including the Governor as Chairperson) and three external members appointed by the Central government.

The MPC announces the bi-monthly monetary policy after deliberations on the prevailing domestic and economic situations, and taking into account the retail inflation.

The committee at its last meeting held in February had kept the short-term lending rate (repo) unchanged at 5.25%.

The government initially notified the inflation target with the tolerance band on August 5, 2016, for the period 2016-2021.

In the first review conducted in March 2021, this target was retained for the subsequent five years till March 2026.

A second review of the target is now due by the end of March 2026.

Here is the MPC schedule for FY27:

US Fed keeps policy rate unchanged

On Thursday, March 18, the US Federal Reserve kept its policy rates unchanged at 3.75%, as per market expectations.

All the other key central banks, including the European Central Bank (ECB), the Bank of Japan, and the Bank of England, kept their policy rates unchanged, as surging crude oil prices raised inflation concerns.