RBI MPC meeting: The Reserve Bank of India (RBI) is all set to announce its policy decision on Friday, February 6. The central bank’s six-member Monetary Policy Committee (MPC), led by Governor Sanjay Malhotra, began its meeting on Wednesday, February 4. This will be the last policy review for the financial year 2026.
The February MPC meeting announcement comes after the Union Budget has laid out the government’s growth strategy and fiscal plans. The RBI’s approach will now be key in shaping how accommodative monetary policy is for consumption, investment, and credit expansion in the closing months of the year.
In the last policy meeting, the central bank announced a 25 basis point rate cut to 5.25%. Subsequently, the SDF rate was revised to 5.00 per cent, while the MSF rate and the Bank Rate were fixed at 5.50 per cent. The MPC also opted to maintain a neutral stance, keeping the door open for future measures if required.
This move represented the fourth rate cut since February 2025. Over the course of calendar year 2025, the RBI slashed the repo rate by a cumulative 125 basis points from its earlier level of 6.50 percent. The central bank had held rates steady during the August and October policy reviews before restarting its easing cycle later in the year.
RBI MPC Meeting: Date and time
The RBI’s Monetary Policy Committee will meet from February 4 to February 6 to preview the current monetary policy stance. The policy outcome will be announced by the RBI Governor at 10 a.m. on February 6, followed by a press conference at noon.
Date: Feb 4 to Feb 6, 2025
Press Conference time: 12 p.m.
RBI MPC Meeting: Where to watch
Investors can tune in to the live announcement on the RBI’s official social media platforms or watch the press conference on the RBI’s YouTube channel at noon on February 6.
Investors can also track Livemint’s live blog for regular updates.
RBI MPC meeting expectations
According to market expectations, the central bank is unlikely to announce a rate cut in the upcoming policy announcement on Friday, February 6. The bank is expected to keep the repo rate unchanged at 5.25%.
“The committee is expected to maintain the repo rate unchanged at 5.25%; however, forward guidance is likely to remain mildly dovish, underscoring a data‑dependent stance and preserving flexibility for recalibration should the growth–inflation trade‑off evolve,” said Deepak Agrawal, CIO – Debt, Kotak Mahindra AMC.
Agrawal further went on to say that the RBI’s upcoming policy, coming soon after the Union Budget, is set against a supportive domestic macro backdrop. With inflation well below the target, growth momentum intact, surplus system liquidity, and fiscal consolidation reaffirmed, conditions favour policy stability.
Meanwhile, Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Group, believes that GDP growth is expected to moderate modestly, but potential growth being supported by sustained public-sector capex and the boost from two major trade agreements, the monetary policy calculus remains finely balanced.
“Instead, policy focus is expected to shift toward liquidity management and yield-curve stability, particularly in light of the Union government’s ₹17.2 trillion gross borrowing programme. Active management of system liquidity and bond-market spreads will be far more critical than adjustments to the policy rate. Accordingly, no material change in the policy stance or the RBI’s macroeconomic projections is expected at this meeting,” Hajra said.
