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The Monetary Policy Committee raised the repo rate by 25 basis points, from 5.25% to 5.50%—the first increase since February 2023. The standing deposit facility rate is now 5.25%, and the marginal standing facility rate is 5.75%. The decision signals a shift toward tighter policy and disinflation following the 2025 rate-cut cycle.
The RBI’s move reflects rising imported inflation risks from elevated crude prices, food-price pressures amid a shortfall in monsoon rainfall, and rupee weakness near 96.45 per U.S. dollar. Resilient domestic growth, including a strong first-quarter FY27 GDP reading, gave policymakers room to raise rates while seeking to contain inflation.
Borrowers with floating-rate loans linked to the repo rate may face higher repayments as lenders pass on the increase. Banks could also raise fixed-deposit rates, while their margins may benefit temporarily if loan rates adjust before deposit rates. Government bond yields are expected to remain elevated as markets account for the tighter policy stance.
