RBI April MPC Review: Sanjay Malhotra says India's fundamentals strong, real GDP growth pegged at 6.9%

RBI Post-policy Press Conference LIVE: Here's what RBI governor says on rate transmission 

Sanjay Malhotra says that following the reduction of 125 bps in the repo rate so far, a rate transmission of about 90 bps is noticed on the lending side and more than 100 bps on the deposit side.

Rate transmission is the where changes in the benchmark lending rate influence the retail interest rates banks charge for loans and offer on deposits.

Typically, commercial banks pass on a rise in the cost of money to their customers more rapidly than they transmit a reduction.

All in all, the rate transmisson mechanism acts as a bridge between central bank policy and real economic activity.

RBI Post-policy Press Conference LIVE: Banking system robust, prudent, well-governed, says RBI chief 

Responding to a query on frauds in the country's private sector banking space, the RBI governor says that the banking system is robust, prudent and well-governed.

RBI Post-policy Press Conference LIVE: Much uncertainty from supply side, hence status quo, says Sanjay Malhotra

There’s so much of uncertainty coming from the supply side, says the RBI governor.

He also says that the GDP growth projection of 6.9 per cent (FY27) is despite shocks. 

RBI Post-policy Press Conference LIVE: Central bank acknowledges volatility in forex market

Sanjay Malhotra says that there has been volatility in the forex market.

The RBI saw positions being built up, he says. 

Normally, it's okay for efficient price discovery, but in excessive volatility, a built-up of postions does not help in efficient price discovery, says Sanjay Malhotra. 

RBI Post-policy Press Conference LIVE: Can't say what we will do in next review, says Sanjay Malhotra

Sanjay Malhotra says that the RBI is not in a position to comment on its policy action in the next policy review.

RBI Post-policy Press Conference LIVE: Headline inflation RBI's ultimate target, says Sanjay Malhotra

The RBI governor reiterates that the central bank's ultimate goal continues to be to contain inflation. 

Key takeaways from April MPC Review | In points 

RBI MPC April Review LIVE: Trade agreements seen boosting shipments and investment

The RBI governor says that the country’s proactive efforts in pursuing bilateral and regional trade agreements with major trading partners are expected to:

• Boost international trade and investment
• Diversify trading partners
• Integrate nation into global value chains

RBI MPC Review LIVE: FDI growth robust during April-November

Gross foreign direct investment to India increased at a robust pace during the April-November 2025 period, according to the RBI.

• Net FDI increased as repatriations declined
• India continues to remain an attractive FDI destination for greenfield projects
• April-February net FPI outflows recorded at $5.8 billion

RBI MPC Review LIVE: 'Indian economy confronted with supply shock' 

Acknowledging that the country's economy is confronted with a supply shock, the RBI governor says it is prudent to wait and watch the changing circumstances and the evolving growth-inflation outlook.

RBI MPC April 2026 Review: India continues to register high growth despite external challenges, says Sanjay Malhotra

The domestic economy, he says, continues to register high growth despite a challenging external environment clouded by geo-political uncertainties.

Benign inflation provides the leeway to remain growth-supportive while preserving financial stability, says the RBI governor.

He also reiterates the RBI's commitment to meeting the productive requirements of the economy and sustaining the growth momentum.

RBI MPC April 2026 LIVE: 'Elevated energy price-related costs could impair growth'

The RBI governor points out that the following could constrain the availability of key inputs for downstream sectors and impair growth: 

• Higher input costs associated with increase in energy prices 
• International freight and insurance costs along with supply-chain disruptions 

RBI MPC Review LIVE: Sanjay Malhotra reiterates that no rupee level is being targeted

The RBI governor says that the central bank will intervene, if required. 

As of January 30, the country's forex reserves stood at $723.8 billion, providing a robust merchandise import cover of more than 11 months, according to the RBI.

Overall, the country's external sector remains resilient. "We are confident of meeting our external financing requirements comfortably," says the central bank.  

RBI MPC Review LIVE: 2 steps to aid capital adequacy 

• RBI to remove the NPA provisioning condition for inclusion of quarterly profits in Capital to Risk-weighted Assets Ratio (CRAR) computation 
• RBI to dispense with the requirement to maintain an investment fluctuation reserve (IFR) as an additional buffer to hedge against depreciation in the value of investments

RBI MPC Review LIVE Update: Rate stability offers breathing room for homebuyers, says property consultant

ANAROCK Group Chairman Anuj Puri says the RBI's policy action is along expected lines though "there are still a lot of unknowns".

""The recent announcement of a ceasefire gives fresh hope for more stability in the future, even though the market is still very volatile in the short term. Keeping rates steady means stability for current and future home loan borrowers," says Puri. 

"EMIs will remain unchanged, which makes planning for the future easier. This is especially good news for people buying homes, who can now move forward with more confidence," he adds. 

RBI MPC Review LIVE: Policy along expected lines, says Ajay Bagga

Market veteran Ajay Bagga says: 

• Policy matches 7-point expectations
• Market has welcomed RBI policy announcements
• Market likes certainty
• Investors cheering: 
  • Easing Middle East tensions
  • No surprises from RBI policy 
• Measures to deepen money markets
• RBI governor mentioned El Nino concerns

RBI MPC Review LIVE: India's current account deficit may rise, says Sanjay Malhotra 

The RBI expects the country's current account deficit (CAD) to be moderate and sustainable this year, aided by: 

• Robust services exports
• Healthy inward remittance receipts

RBI MPC April 2026 Review LIVE: Growth and inflation outlook impacted by West Asia conflict, says RBI governor

Since the February policy meeting, geopolitical uncertainties have heightened significantly, says the RBI chief.

Noting that headline inflation remains contained and below the RBI's target, Malhotra says that upside risks to the inflation outlook have increased, driven by:

• Increased energy price pressures
• Probable weather disturbances affecting food prices

RBI MPC Review LIVE: Sanjay Malhotra announces 3 measures to promote ease of doing business

• RBI to facilitate better utilisation of bank board’s time, after a comprehensive review of all our extant instructions 
• RBI conducting a consolidation exercise for its supervisory instructions
• RBI to dispense with the requirement of due diligence while onboarding MSMEs on TReDS platforms 

RBI MPC Review LIVE: Bank credit growth on upward trajectory, says RBI governor

RBI MPC Review LIVE: System liquidity in surplus, says RBI governor

RBI MPC April 2026 Review LIVE: Global trade expected to face a slowdown, says RBI chief

Global trade so far has remained relatively robust despite heightened uncertainty.

India’s merchandise exports rose 1.9 per cent while merchandise imports grew 7.9 per in Q3, causing the trade deficit to widen.

RBI MPC April 2026 Meeting LIVE: Near-term food price outlook remains comfortable, says RBI chief 

Core inflation pressures remain muted, although supply chain dislocations and the risk of secondround effects render the future inflation trajectory uncertain, says Sanjay Malhotra. 

RBI MPC April Review LIVE: Consumer inflation projected at 4.6% in FY27

• CPI inflation projected at 4 per cent in Q1 FY27, 4.4 per cent in Q2

RBI MPC April 2026 Meeting LIVE: FY27 real GDP growth projected at 6.9%

• FY27 GDP growth estimated at 6.9 per cent 
  • 6.8 per cent in Q1 FY27
  • 6.7 per cent in Q2 FY27  

RBI MPC April 2026 LIVE: Repo rate stands at 5.25%, stance unchanged at 'neutral'

The MPC remains vigilant, closely monitoring incoming information and assessing the balance of risks, says the RBI governor. 

RBI MPC April 2026 LIVE: Disruptions in global supply chain, says RBI chief 

RBI MPC April 2026 Review LIVE: Consumer inflation to remain below target range, says Sanjay Malhotra

RBI MPC Review LIVE: BREAKING | Repo rate unchanged as widely expected; decision uanimous

RBI Governor Sanjay Malhotra announces a status quo on the repo rate, as widely expected by economists and markets. 

RBI MPC Policy LIVE: BREAKING | Global growth faces increasing downside risks, says Sanjay Malhotra

RBI MPC Policy LIVE: BREAKING | Prices of commodities including gold and silver have moderated, says Sanjay Malhotra

RBI MPC Policy LIVE: BREAKING | Global economy facing unprecedented challenges, says Sanjay Malhotra

The government has taken several measures targeted at supporting exports and protecting supply chains, says the RBI chief. 

He expresses confidence that these measures will mitigate the adverse impact of the Middle East conflict.

RBI MPC Policy LIVE: BREAKING | Indian economy fundamentals strong, says Governor Sanjay Malhotra

Till February, high frequency indicators suggest the continuation of strong momentum in economic activity, notes the RBI governor, stating that growth impulses continue to be aided by:

• Robust private consumption
• Investment demand

He, however, adds that the West Asia conflict will adversely impact growth.

The intensity and the duration of the West Asia conflict and the resultant damage to the energy and other infrastructure add risk to the inflation and growth outlooks, says Sanjay Malhotra. 

RBI MPC April Policy Review: Inflation and GDP projections set to be revised? 

Most economists expect the RBI governor-chaired rate-deciding panel to lower its GDP projections while raising inflation forecasts.

At the February review, the MPC decided to defer issuing a full-year GDP projection to the next review owing to a new GDP series.

Policymakers see consumer inflation at 4.0 per cent and 4.2 per cent in Q1 and Q2 of 2026-27, respectively. 

RBI MPC April 2026 Policy Review: A pause expected today?  

Economists at Bank of Baroda, PhillipCapital and SBI Research indicate that the RBI is likely to maintain a pause in the April 8 statement owing to the following reasons:

• Rising global uncertainty (though a 10-day ceasefire allays investor concerns to some extent, reflected in a rally on Dalal Street)
• Elevated crude oil prices (hovering at $95/barrel today, though off recent peaks)
• Increased inflation risks
• Pressure on INR vs USD 
• Volatile capital flows

RBI MPC April 2026 Policy Review: What if RBI revises repo rate today? How much reduction can you expect in your EMI? 

With every revision in the repo rate -- or the benchmark interest rate, the extent of EMI reduction depends on how quickly and fully banks transmit the rate cut to customers.

While repo-linked loans see faster transmission, older loans linked to marginal cost of funds-based lending rate (MCLR) may take longer to reflect in your loan account.

Read more

RBI MPC Review LIVE: What happened in February meeting?

At the last bi-monthly review of FY26, the RBI governor-chaired MPC kept the repo rate unchanged at 5.25 per cent while maintaining a status quo on its policy stance at "neutral". 

RBI MPC April Review: First scheduled review of new FY

The April MPC meeting marks the first monetary policy review of the new financial year, which began on April 1.

RBI MPC Review LIVE: Will the April 8 policy impact your loan EMIs? A simple example

If a borrower has a home loan of Rs 50 lakh with a tenure of 20 years at an interest rate of 8.5 per cent, the EMI is around Rs 43,400.

If the RBI cuts the repo rate by 25 basis points and banks pass on the full benefit, the interest rate could fall to 8.25 per cent.

In such a scenario, the EMI may decline by around Rs 800 to Rs 1,000 per month, show calculations. 

For larger loans or longer tenures, the savings could be even higher.

Read more about loan EMIs

RBI MPC Review LIVE: Key things to watch out for in RBI Guv commentary

According to Zee Business research, the April 8 commentary of the RBI's top brass on the following topics will be closely tracked:

• Apt time to raise rates
• Forward guidance
• Liquidity management
• The West Asia crisis
• Rupee weakness vs US dollar
• CPI inflation estimates 

RBI MPC Review LIVE: Will there be measures to support INR vs USD?

The RBI is set to announce measures to stem the rupee's fall against the US dollar, according to all of the economists polled by Zee Business. 

The rupee has hit a series of all-time lows against the greenback over the past few days. 

On Tuesday, it settled at a provisional 93.00 against the US currency, with pressure on account of elevated crude oil prices and persistent FII outflows.

RBI MPC Review LIVE: Will Monetary Policy Committee decide to raise GDP forecasts? 

All of the economists who participated in the poll expect policymakers to raise the central bank's GDP growth projections.

RBI MPC Review LIVE: Will RBI's rate-deciding panel tweak inflation forecasts?

All of the economists polled anticipate an upward revision in the central bank's inflation projections. 

RBI MPC Review LIVE: Will RBI chief announce a change in stance? 

No.

According to the economists polled by Zee Business, the RBI governor-chaired MPC is not likely to change its stance from 'neutral' in the April review.

RBI MPC Review LIVE: Will Sanjay Malhotra announce rate cut? 

None of the economists polled by Zee Business expects a change in the repo rate in the April review.