India RBI Policy Repo Rate (India) - Historical Data
Historical time series of the India RBI Policy Repo Rate set by the Reserve Bank of India (RBI) from 1946 to 2026. From 3 Apr 2001 onwards: official repo overnight rate; from 1 Jan 1946 to 2 Apr 2001: oank rate. The latest benchmark reading is 5.25% (Sep 2026), corresponding to an ex-post real policy rate of +0.81% after adjusting for India headline CPI inflation (4.44%).
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Current Statistics & Historical Records
Latest Reading (Sep 2026)
5.25%
Prev (Aug 2026): 5.25%0.00 pp
Highest Recorded (Oct 1991)
12.00%
Peak monetary tightening by Reserve Bank of India (India RBI Policy Repo Rate).
Lowest Recorded (Jan 1946)
3.00%
Lowest policy interest rate stance set by Reserve Bank of India.
Long-Run Mean (1946–2026)
6.90%
81 annual observations · Monthly
Reserve Bank of India · INR
India RBI Policy Repo Rate (India) (1946-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1946–2026) and recent monthly observations.
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Source: Bank for International Settlements (BIS) & Reserve Bank of India (WS_CBPOL:M:IN)
Latest: 5.25% (Sep 2026)
· Real Rate: +0.81%
RBI Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1946–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1940s | 1946–1949 | 3.00% | 3.00% (1946) | 3.00% (1946) |
| 1950s | 1950–1959 | 3.60% | 4.00% (1957) | 3.00% (1950) |
| 1960s | 1960–1969 | 4.95% | 6.00% (1965) | 4.00% (1960) |
| 1970s | 1970–1979 | 7.80% | 9.00% (1974) | 5.00% (1970) |
| 1980s | 1980–1989 | 9.90% | 10.00% (1981) | 9.00% (1980) |
| 1990s | 1990–1999 | 10.80% | 12.00% (1991) | 8.00% (1999) |
| 2000s | 2000–2009 | 6.95% | 8.50% (2001) | 4.75% (2009) |
| 2010s | 2010–2019 | 6.92% | 8.50% (2011) | 5.15% (2019) |
| 2020s | 2020–2026 | 5.39% | 6.50% (2023) | 4.00% (2020) |
Complete Annual Historical Ledger (1946–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & Reserve Bank of India (WS_CBPOL:M:IN)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 5.25% | +1.60% | 5.25% – 5.25% | - |
| 2025 | 5.25% | +3.04% | 5.25% – 6.50% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 6.50% | +1.52% | 6.50% – 6.50% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 6.50% | +0.84% | 6.25% – 6.50% | - |
| 2022 | 6.25% | -0.43% | 4.00% – 6.25% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 4.00% | -1.15% | 4.00% – 4.00% | - |
| 2020 | 4.00% | -2.62% | 4.00% – 5.15% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 5.15% | +1.41% | 5.15% – 6.50% | - |
| 2018 | 6.50% | +2.56% | 6.00% – 6.50% | - |
| 2017 | 6.00% | +2.67% | 6.00% – 6.25% | - |
| 2016 | 6.25% | +1.26% | 6.25% – 6.75% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 6.75% | +1.88% | 6.75% – 7.75% | - |
| 2014 | 8.00% | +1.31% | 8.00% – 8.00% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 7.75% | +1.48% | 7.25% – 7.75% | - |
| 2012 | 8.00% | +0.45% | 8.00% – 8.50% | - |
| 2011 | 8.50% | -1.31% | 6.50% – 8.50% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 6.25% | -3.33% | 4.75% – 6.25% | - |
| 2009 | 4.75% | +2.59% | 4.75% – 5.50% | - |
| 2008 | 6.50% | -2.16% | 6.50% – 9.00% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 7.75% | +2.73% | 7.50% – 7.75% | - |
| 2006 | 7.25% | +1.40% | 6.50% – 7.25% | - |
| 2005 | 6.25% | +1.76% | 6.00% – 6.25% | - |
| 2004 | 6.00% | +0.20% | 6.00% – 7.00% | - |
| 2003 | 7.00% | +1.67% | 7.00% – 7.50% | - |
| 2002 | 7.50% | +5.03% | 7.50% – 8.50% | - |
| 2001 | 8.50% | +3.29% | 7.00% – 8.75% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 8.00% | +1.78% | 7.00% – 8.00% | - |
| 1999 | 8.00% | +4.46% | 8.00% – 9.00% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 9.00% | +3.20% | 9.00% – 11.00% | - |
| 1997 | 9.00% | +4.41% | 9.00% – 12.00% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 12.00% | +7.54% | 12.00% – 12.00% | - |
| 1995 | 12.00% | +2.22% | 12.00% – 12.00% | - |
| 1994 | 12.00% | +1.59% | 12.00% – 12.00% | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 12.00% | +4.25% | 12.00% – 12.00% | - |
| 1992 | 12.00% | +0.38% | 12.00% – 12.00% | European Exchange Rate Mechanism (ERM) crisis and Black Wednesday |
| 1991 | 12.00% | -1.65% | 10.00% – 12.00% | - |
| 1990 | 10.00% | +0.95% | 10.00% – 10.00% | German reunification tightening and Japanese asset bubble peak |
| 1989 | 10.00% | +3.30% | 10.00% – 10.00% | - |
| 1988 | 10.00% | +1.23% | 10.00% – 10.00% | - |
| 1987 | 10.00% | +3.02% | 10.00% – 10.00% | Louvre Accord and Black Monday central bank liquidity provision |
| 1986 | 10.00% | +4.49% | 10.00% – 10.00% | - |
| 1985 | 10.00% | +5.33% | 10.00% – 10.00% | Plaza Accord coordinated G5 currency intervention depreciates USD |
| 1984 | 10.00% | +3.03% | 10.00% – 10.00% | - |
| 1983 | 10.00% | +3.21% | 10.00% – 10.00% | - |
| 1982 | 10.00% | +7.99% | 10.00% – 10.00% | - |
| 1981 | 10.00% | -2.41% | 9.00% – 10.00% | Volcker disinflation peak pushes benchmark policy rates to postwar highs |
| 1980 | 9.00% | -11.29% | 9.00% – 9.00% | - |
| 1979 | 9.00% | -2.59% | 9.00% – 9.00% | Second oil shock; Paul Volcker appointed Federal Reserve Chair |
| 1978 | 9.00% | +9.21% | 9.00% – 9.00% | - |
| 1977 | 9.00% | +1.34% | 9.00% – 9.00% | - |
| 1976 | 9.00% | +10.95% | 9.00% – 9.00% | - |
| 1975 | 9.00% | +4.61% | 9.00% – 9.00% | - |
| 1974 | 9.00% | -19.59% | 7.00% – 9.00% | First OPEC oil shock triggers global stagflation and steep policy rate hikes |
| 1973 | 7.00% | -9.30% | 6.00% – 7.00% | - |
| 1972 | 6.00% | -2.78% | 6.00% – 6.00% | - |
| 1971 | 6.00% | +1.04% | 6.00% – 6.00% | Nixon Shock suspends USD gold convertibility; Bretton Woods system ends |
| 1970 | 5.00% | -1.18% | 5.00% – 5.00% | - |
| 1969 | 5.00% | +2.88% | 5.00% – 5.00% | - |
| 1968 | 5.00% | +5.31% | 5.00% – 6.00% | - |
| 1967 | 6.00% | -9.06% | 6.00% – 6.00% | - |
| 1966 | 6.00% | -6.00% | 6.00% – 6.00% | Credit crunch of 1966 and monetary tightening |
| 1965 | 6.00% | -2.23% | 5.00% – 6.00% | - |
| 1964 | 5.00% | -5.34% | 4.50% – 5.00% | - |
| 1963 | 4.50% | -0.07% | 4.50% – 4.50% | - |
| 1962 | 4.00% | +3.03% | 4.00% – 4.00% | - |
| 1961 | 4.00% | +1.58% | 4.00% – 4.00% | - |
| 1960 | 4.00% | -2.41% | 4.00% – 4.00% | - |
| 1959 | 4.00% | -0.16% | 4.00% – 4.00% | - |
| 1958 | 4.00% | +1.93% | 4.00% – 4.00% | Eisenhower recession and global monetary easing |
| 1957 | 4.00% | -2.05% | 3.50% – 4.00% | - |
| 1956 | 3.50% | -8.70% | 3.50% – 3.50% | - |
| 1955 | 3.50% | +11.53% | 3.50% – 3.50% | - |
| 1954 | 3.50% | +9.65% | 3.50% – 3.50% | Post-Korean War Federal Reserve policy rate normalization |
| 1953 | 3.50% | - | 3.50% – 3.50% | - |
| 1952 | 3.50% | - | 3.50% – 3.50% | - |
| 1951 | 3.50% | - | 3.00% – 3.50% | - |
| 1950 | 3.00% | - | 3.00% – 3.00% | - |
| 1949 | 3.00% | - | 3.00% – 3.00% | - |
| 1948 | 3.00% | - | 3.00% – 3.00% | - |
| 1947 | 3.00% | - | 3.00% – 3.00% | - |
| 1946 | 3.00% | - | 3.00% – 3.00% | - |
Frequently Asked Questions - RBI Policy Rate
What is the current India RBI Policy Repo Rate?
As of Sep 2026, the India RBI Policy Repo Rate is 5.25% per annum. Adjusted for headline inflation (4.44%), the ex-post real policy rate in India stands at +0.81%.
What was the highest and lowest Reserve Bank of India interest rate on record?
Across the 1946-2026 archive, the India RBI Policy Repo Rate reached a record high of 12.00% in Oct 1991 and a record low of 3.00% in Jan 1946. The long-run annual mean is 6.90%.
What is the Reserve Bank of India inflation target?
The Reserve Bank of India operates with an official inflation target of 4.0% (±2.0% Tolerance Band). Its statutory mandate is: Maintain price stability while keeping in mind the objective of growth.
Statistical Provenance
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & Reserve Bank of India
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:IN
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: From 3 Apr 2001 onwards: official repo overnight rate; from 1 Jan 1946 to 2 Apr 2001: oank rate.
- Reporting agency: Reserve Bank of India; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Academic & Media Attribution
Cite This Dataset (APA & BibTeX)
APA 7th Edition
CentralBankData.com. (2026). India RBI Policy Repo Rate (India), compiled from Bank for International Settlements (WS_CBPOL:M:IN). https://centralbankdata.com/india-rbi-repo-rate
BibTeX
@misc{cbd_cbpol_india,
author = {CentralBankData.com},
title = {India RBI Policy Repo Rate (India)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:IN},
year = {2026},
url = {https://centralbankdata.com/india-rbi-repo-rate}
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