India interest rate
Reserve Bank of India
- Policy rate
- 5.25%
- Jun 2026
- Last move
- −0.25 pt
- Dec 2025
- Inflation
- 4.4%
- Jul 2026
- 10-year bond yield
- 6.78%
- Jul 2026
The policy rate set by the Reserve Bank of India is 5.25% as of Jun 2026. Its most recent move: it cut its rate from 5.50% to 5.25% (Dec 2025). The rate is 0.25 percentage points lower than a year earlier. With consumer prices up 4.4% over the 12 months to Jul 2026, the real rate (policy rate minus inflation) is +0.8%: borrowing costs are above inflation.
Policy rate over the past two years
Jun 2026: 5.25%
Rate changes
| When | Decision | From | To | Change |
|---|---|---|---|---|
| Dec 2025 | Cut | 5.50% | 5.25% | −0.25 pt |
| Jun 2025 | Cut | 6.00% | 5.50% | −0.50 pt |
| Apr 2025 | Cut | 6.25% | 6.00% | −0.25 pt |
| Feb 2025 | Cut | 6.50% | 6.25% | −0.25 pt |
Changes between month-end rates. Two decisions in one month show up as a single change.
Inflation (% vs a year earlier)
Jul 2026: 4.4%
10-year government bond yield
Jul 2026: 6.78%
Other central banks in Asia
Source: BIS; inflation: IMF CPI; bond yield: OECD. Updated daily. All central bank rates · India economy dashboard