{"id":18115,"date":"2026-08-05T08:56:14","date_gmt":"2026-08-05T15:26:14","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=18115"},"modified":"2026-08-09T23:19:46","modified_gmt":"2026-08-10T05:49:46","slug":"rbi-repo-rate-august-2026","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/rbi-repo-rate-august-2026\/","title":{"rendered":"August MPC: RBI Holds Repo Rate at 5.25%, GDP Forecast Raised to 6.7%"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/rbi-repo-rate-august-2026\/#RBI_August_2026_Policy_Decision\" >RBI August 2026 Policy Decision<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/rbi-repo-rate-august-2026\/#Why_Did_the_RBI_Keep_Repo_Rate_Unchanged\" >Why Did the RBI Keep Repo Rate Unchanged?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/rbi-repo-rate-august-2026\/#RBI_Raises_FY27_GDP_Forecast_to_67_Quarter-Wise_Breakdown\" >RBI Raises FY27 GDP Forecast to 6.7%: Quarter-Wise Breakdown<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/rbi-repo-rate-august-2026\/#RBI_Projects_CPI_Inflation_at_5_for_FY27_Peak_at_59_in_Q3\" >RBI Projects CPI Inflation at 5% for FY27, Peak at 5.9% in Q3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/rbi-repo-rate-august-2026\/#What_Global_Factors_Shaped_the_RBIs_August_Policy_Decision\" >What Global Factors Shaped the RBI&#8217;s August Policy Decision?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/rbi-repo-rate-august-2026\/#How_Does_the_RBIs_Rate_Hold_Impact_Key_Sectors\" >How Does the RBI&#8217;s Rate Hold Impact Key Sectors?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/shoonya.com\/blog\/rbi-repo-rate-august-2026\/#RBI_MPC_Next_Meeting_and_Minutes_Release_Schedule\" >RBI MPC: Next Meeting and Minutes Release Schedule<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/shoonya.com\/blog\/rbi-repo-rate-august-2026\/#Final_Outlook\" >Final Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<nav style=\"--separator: 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class=\"body\">\n      <p class=\"intro\">The Reserve Bank of India&#8217;s Monetary Policy Committee kept the repo rate unchanged at 5.25% on August 5, retaining its neutral stance after a three-day meeting from August 3 to 5. The decision was unanimous, with all six members voting to hold. This marks the second consecutive review at which the MPC chose to wait for greater clarity on the inflation outlook before recalibrating policy.<\/p>\n\n      <h2><span class=\"ez-toc-section\" id=\"RBI_August_2026_Policy_Decision\"><\/span>RBI August 2026 Policy Decision<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <div class=\"tbl-scroll\">\n        <table>\n          <thead><tr><th>Rate<\/th><th>Level<\/th><th>Change<\/th><\/tr><\/thead>\n          <tbody>\n            <tr><td>Policy Repo Rate<\/td><td><span class=\"num\">5.25%<\/span><\/td><td><span class=\"badge b-neutral\">Unchanged<\/span><\/td><\/tr>\n            <tr><td>Standing Deposit Facility<\/td><td><span class=\"num\">5.00%<\/span><\/td><td><span class=\"badge b-neutral\">Unchanged<\/span><\/td><\/tr>\n            <tr><td>Marginal Standing Facility<\/td><td><span class=\"num\">5.50%<\/span><\/td><td><span class=\"badge b-neutral\">Unchanged<\/span><\/td><\/tr>\n            <tr><td>Bank Rate<\/td><td><span class=\"num\">5.50%<\/span><\/td><td><span class=\"badge b-neutral\">Unchanged<\/span><\/td><\/tr>\n            <tr><td>Policy Stance<\/td><td><span class=\"num\">Neutral<\/span><\/td><td><span class=\"badge b-watch\">Retained<\/span><\/td><\/tr>\n            <tr><td>MPC Vote<\/td><td><span class=\"num\">6-0<\/span><\/td><td><span class=\"badge b-positive\">Unanimous<\/span><\/td><\/tr>\n          <\/tbody>\n        <\/table>\n      <\/div>\n\n      <h2><span class=\"ez-toc-section\" id=\"Why_Did_the_RBI_Keep_Repo_Rate_Unchanged\"><\/span>Why Did the RBI Keep Repo Rate Unchanged?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <p>Governor Sanjay Malhotra said underlying inflation has remained under control and the increase in headline CPI was largely driven by food and fuel prices, with little sign of generalisation of price pressures. He added that there is a need for greater clarity, especially regarding inflation, its path, and composition, before taking any policy action.<\/p>\n      <p>The MPC&#8217;s rationale rested on three factors:<\/p>\n      <ul class=\"doc\">\n        <li>The inflation pickup is a supply-side story driven by food and fuel, not broad-based demand pressure<\/li>\n        <li>Core inflation excluding food and fuel held steady at 3.9%, with core inflation excluding precious metals even lower at 2.3-2.5%<\/li>\n        <li>Uncertainty around the monsoon, El Ni\u00f1o, geopolitical conflict, and global trade policy clouds the near-term picture<\/li>\n      <\/ul>\n      <p>The Committee explicitly left the door open to future recalibration in either direction, making this a wait-and-watch pause rather than a signal that the rate cycle is complete.<\/p>\n\n      <h2><span class=\"ez-toc-section\" id=\"RBI_Raises_FY27_GDP_Forecast_to_67_Quarter-Wise_Breakdown\"><\/span>RBI Raises FY27 GDP Forecast to 6.7%: Quarter-Wise Breakdown<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <p>The MPC raised its FY27 GDP growth forecast to 6.7% from 6.6% previously. India&#8217;s Q1 2026-27 high-frequency data showed robust private consumption, resilient investment activity across construction, capital goods, and bank credit, alongside sustained services exports and a rebound in merchandise shipments.<\/p>\n      <div class=\"tbl-scroll\">\n        <table>\n          <thead><tr><th>Quarter<\/th><th>Real GDP Growth Forecast<\/th><\/tr><\/thead>\n          <tbody>\n            <tr><td>Q1 2026-27<\/td><td><span class=\"num\">7.0%<\/span><\/td><\/tr>\n            <tr><td>Q2 2026-27<\/td><td><span class=\"num\">6.4%<\/span><\/td><\/tr>\n            <tr><td>Q3 2026-27<\/td><td><span class=\"num\">6.5%<\/span><\/td><\/tr>\n            <tr><td>Q4 2026-27<\/td><td><span class=\"num\">6.8%<\/span><\/td><\/tr>\n            <tr><td>Q1 2027-28<\/td><td><span class=\"num\">7.3%<\/span><\/td><\/tr>\n            <tr class=\"total\"><td>FY 2026-27 Full Year<\/td><td><span class=\"num\">6.7%<\/span><\/td><\/tr>\n          <\/tbody>\n        <\/table>\n      <\/div>\n\n      <h2><span class=\"ez-toc-section\" id=\"RBI_Projects_CPI_Inflation_at_5_for_FY27_Peak_at_59_in_Q3\"><\/span>RBI Projects CPI Inflation at 5% for FY27, Peak at 5.9% in Q3<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <p>The MPC lowered its CPI inflation projection for FY27 to 5% from 5.1% previously. Headline inflation is expected to peak in the October-December quarter before easing.<\/p>\n      <div class=\"tbl-scroll\">\n        <table>\n          <thead><tr><th>Quarter<\/th><th>CPI Inflation Forecast<\/th><\/tr><\/thead>\n          <tbody>\n            <tr><td>Q2 2026-27<\/td><td><span class=\"num\">4.7%<\/span><\/td><\/tr>\n            <tr><td>Q3 2026-27<\/td><td><span class=\"num\">5.9%<\/span><\/td><\/tr>\n            <tr><td>Q4 2026-27<\/td><td><span class=\"num\">5.5%<\/span><\/td><\/tr>\n            <tr><td>Q1 2027-28<\/td><td><span class=\"num\">5.3%<\/span><\/td><\/tr>\n            <tr class=\"total\"><td>FY 2026-27 Full Year<\/td><td><span class=\"num\">5.0%<\/span><\/td><\/tr>\n            <tr><td>Core Inflation FY 2026-27<\/td><td><span class=\"num\">4.3%<\/span><\/td><\/tr>\n          <\/tbody>\n        <\/table>\n      <\/div>\n      <p>CPI rose to 4.4% in June 2026, ending a 16-month streak below the 4% target. The increase was driven mainly by food and fuel rather than broad demand pressure. Key inflation risks going forward include erratic rainfall distribution under El Ni\u00f1o and continued oil price volatility driven by geopolitical developments in West Asia.<\/p>\n\n      <h2><span class=\"ez-toc-section\" id=\"What_Global_Factors_Shaped_the_RBIs_August_Policy_Decision\"><\/span>What Global Factors Shaped the RBI&#8217;s August Policy Decision?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <p>The MPC noted several international developments that shaped its assessment:<\/p>\n      <ul class=\"doc\">\n        <li>The temporary ceasefire in West Asia broke down in July 2026, reintroducing energy-price risk<\/li>\n        <li>The US dollar has strengthened on elevated yields, a hawkish Federal Reserve tone, and AI-driven productivity gains<\/li>\n        <li>Global equities remain volatile as investors reprice exposure to AI-related stocks<\/li>\n        <li>Central banks globally are diverging, with some raising rates on persistent inflation and others holding steady<\/li>\n      <\/ul>\n\n      <h2><span class=\"ez-toc-section\" id=\"How_Does_the_RBIs_Rate_Hold_Impact_Key_Sectors\"><\/span>How Does the RBI&#8217;s Rate Hold Impact Key Sectors?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <div class=\"tbl-scroll\">\n        <table>\n          <thead><tr><th>Sector<\/th><th>Bias<\/th><th>Assessment<\/th><\/tr><\/thead>\n          <tbody>\n            <tr><td>Banking and NBFCs<\/td><td><span class=\"badge b-watch\">Watch<\/span><\/td><td>Net interest margins stay stable; the October review is the next focal point<\/td><\/tr>\n            <tr><td>Real Estate and Housing<\/td><td><span class=\"badge b-positive\">Positive<\/span><\/td><td>Home loan rates unchanged, supporting steady EMI expectations<\/td><\/tr>\n            <tr><td>Autos and Consumer Durables<\/td><td><span class=\"badge b-watch\">Watch<\/span><\/td><td>Steady financing costs are supportive; higher fuel inflation is a modest drag<\/td><\/tr>\n            <tr><td>FMCG and Rural Demand<\/td><td><span class=\"badge b-negative\">Negative<\/span><\/td><td>Most exposed to monsoon risk; food inflation raises input costs<\/td><\/tr>\n            <tr><td>IT and Export-Oriented Sectors<\/td><td><span class=\"badge b-positive\">Positive<\/span><\/td><td>A stronger US dollar is a modest positive for IT services and export earnings<\/td><\/tr>\n            <tr><td>Infrastructure and Capital Goods<\/td><td><span class=\"badge b-positive\">Positive<\/span><\/td><td>Resilient investment activity and stable rates support long-gestation projects<\/td><\/tr>\n            <tr><td>Bond Markets<\/td><td><span class=\"badge b-watch\">Watch<\/span><\/td><td>Neutral stance suggests two-way risk; yields likely range-bound with upward bias into Q3 print<\/td><\/tr>\n            <tr><td>Currency<\/td><td><span class=\"badge b-negative\">Negative<\/span><\/td><td>Rupee faces external pressure from a hawkish Fed and a stronger dollar<\/td><\/tr>\n            <tr><td>Agriculture<\/td><td><span class=\"badge b-negative\">Negative<\/span><\/td><td>The uneven monsoon under El Ni\u00f1o remains the single largest swing factor<\/td><\/tr>\n          <\/tbody>\n        <\/table>\n      <\/div>\n\n      <h2><span class=\"ez-toc-section\" id=\"RBI_MPC_Next_Meeting_and_Minutes_Release_Schedule\"><\/span>RBI MPC: Next Meeting and Minutes Release Schedule<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <div class=\"tbl-scroll\">\n        <table>\n          <thead><tr><th>Date<\/th><th>Event<\/th><\/tr><\/thead>\n          <tbody>\n            <tr><td>August 19, 2026<\/td><td>MPC meeting minutes to be published<\/td><\/tr>\n            <tr><td>October 5-7, 2026<\/td><td>Next MPC meeting<\/td><\/tr>\n          <\/tbody>\n        <\/table>\n      <\/div>\n\n      <h2><span class=\"ez-toc-section\" id=\"Final_Outlook\"><\/span>Final Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n      <div class=\"outlook\">\n        <p>This is a hold-and-watch decision, not a signal that the rate cycle is over. The RBI has framed the projected 5.9% Q3 inflation peak as a supply-side outcome driven by food and fuel, rather than a demand-led concern. Core inflation, while still benign excluding precious metals, is expected to normalise upward through the year. Growth at 6.7% for FY27 remains healthy but is set to moderate from Q1&#8217;s 7.0% print.<\/p>\n      <\/div>\n\n <p class=\"source\">\n    <strong>Source:<\/strong>\n        Times of India\n    \n<\/p>\n    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India&#8217;s Monetary Policy Committee kept the repo rate unchanged at 5.25% on August 5, retaining its neutral stance after a three-day meeting from August 3 to 5. The decision was unanimous, with all six members voting to hold. This marks the second consecutive review at which the MPC chose to wait &hellip; <a href=\"https:\/\/shoonya.com\/blog\/rbi-repo-rate-august-2026\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;August MPC: RBI Holds Repo Rate at 5.25%, GDP Forecast Raised to 6.7%&#8221;<\/span><\/a><\/p>\n","protected":false},"author":18,"featured_media":18116,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[],"class_list":["post-18115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RBI Holds Repo Rate at 5.25%, Raises GDP Forecast to 6.7%<\/title>\n<meta name=\"description\" content=\"RBI MPC kept repo rate unchanged at 5.25% on August 5 with a 6-0 vote. 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