RBI MPC Minutes October 2026: 6-0 Vote for 5.50% Repo, CPI Seen at 5.2%

Quick answer: The minutes of the RBI's October 2026 policy meeting, published on 21 October, show all six MPC members voted to raise the repo rate by 25 basis points to 5.50%. The RBI now projects CPI inflation at 5.2% and GDP growth at 7.1% for 2026-27. The next decision is due on Friday 4 December 2026.

Key points from the minutes

  • Vote: 6-0 for the hike. The resolution also changed the stance to calibrated tightening.
  • Why: the committee said inflation and its outlook are no longer benign, with headline CPI expected to average almost 5.8% over the next three quarters. It cited the deficient monsoon, El Niño conditions and high energy prices.
  • Inflation projection, 2026-27: 5.2% (Q2 4.9%, Q3 6.0%, Q4 5.7%); Q1 2027-28 at 5.6%. Core inflation is projected at 4.4%. CPI was 4.8% in August.
  • Growth projection, 2026-27: 7.1% (Q2 7.2%, Q3 6.9%, Q4 6.8%). Q1 growth came in at 7.8%.
  • Global backdrop: renewed West Asia conflict, volatile crude prices, and a 25 bps US Fed hike in September.

Rates now

RateLevel
Repo rate5.50%
Standing deposit facility (SDF)5.25%
Marginal standing facility (MSF) and Bank Rate5.75%

Next MPC meetings

  • 2 to 4 December 2026 (decision Friday 4 December)
  • 3 to 5 February 2027 (decision Friday 5 February)

All 2026-27 decisions, dates and the RBI's own documents are on RBI MPC 2026 on marketholidays.in.

Source: RBI press release, Minutes of the Monetary Policy Committee Meeting, October 5 to 7, 2026 (21 October 2026). Projections are the RBI's, quoted as published. General information, not investment advice.

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