RBI MPC today: When and where to watch Governor Sanjay Malhotra's speech

RBI's MPC begins 3-day meet from April 7; decision on repo rate to be announced April 9. Markets expect 25 bps cut amid easing inflation, global concerns

The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) convened on Monday (April 7), and concluded on Wednesday (April 9).   

RBI Governor Sanjay Malhotra is scheduled to deliver his statement at 10 am, which will be broadcast live on the central bank’s official YouTube channel and across its social media platforms. A press conference led by the Governor will follow at 12 pm.

 

This will be the first monetary policy review for the financial year 2025-26, with the outcome — specifically regarding lending rates — expected to be made public on Wednesday, April 9. 

The RBI’s Monetary Policy Committee (MPC) meets every two months, holding a total of six sessions annually. These meetings are crucial in determining interest rate changes, guided by factors such as inflation trends, liquidity levels, and other macroeconomic conditions.

 

 

Market expectations

The RBI is expected to reduce key interest rates by as much as 25 basis points this week, with easing inflation creating room for a more accommodative policy approach. The move also comes amid growing concerns over global economic headwinds, particularly following the US's announcement of reciprocal tariffs, news agency PTI reported. 

In February, the Monetary Policy Committee of the RBI, led by Governor Sanjay Malhotra, reduced the repo rate by 25 basis points, bringing it down to 6.25 per cent. This marked the first rate cut since May 2020 and the first change in policy after a gap of two and a half years.  ALSO READ | RBI MPC may cut repo rate again: Key terms, projections and what to expect 

Since February 2023, the RBI has maintained the repo rate — the short-term lending rate — at 6.5 per cent. The last rate cut occurred in May 2020 during the Covid-19 period, after which the rate was gradually increased to its current level.

When and where to watch?

The RBI’s MPC meeting for April 2025 took place over three days, from April 7 to April 9, 2025. The outcome of the meeting, including key decisions such as potential changes to the repo rate, will be announced by RBI Governor Sanjay Malhotra on April 9 at 10.00 am.

 

The announcement will be streamed live on the RBI’s official YouTube channel.

 

The meeting is significant as it sets the tone for the RBI’s monetary policy stance for the financial year 2025-26. 

ALSO READ | 'RBI may again cut repo rate by 25 bps as inflation eases, growth slows'

 

RBI MPC Meeting February 2025

The RBI’s Monetary Policy Committee (MPC) had reduced the repo rate by 25 basis points, bringing it down to 6.25 per cent. Governor Sanjay Malhotra also announced adjustments to other key rates: the Standing Deposit Facility (SDF) was set at 6 per cent, while the Marginal Standing Facility (MSF) rate and the bank rate were fixed at 6.5 per cent. 

The central bank had kept its Consumer Price Inflation (CPI) projection for FY25 steady at 4.8 per cent, and expected inflation to ease further to 4.2 per cent in FY26. On the growth front, the RBI maintained its GDP growth estimate at 6.6 per cent for FY25 and forecasted a slight uptick to 6.7 per cent in FY26. 

Governor Malhotra said that the MPC has unanimously opted to retain a ‘neutral’ policy stance. This allows flexibility to either raise or lower interest rates based on evolving economic and inflationary trends, with the dual goal of price stability and supporting growth. Additionally, the Cash Reserve Ratio (CRR) remained unchanged at 4 per cent, as confirmed by the RBI Governor.