The Reserve Bank of India (RBI) is set to announce its first bi-monthly monetary policy for FY26 on Wednesday, April 9. The policy decision will be made following a three-day meeting of the Monetary Policy Committee (MPC), chaired by RBI Governor Sanjay Malhotra, which began on April 7.
This policy review comes at a time when global markets are grappling with heightened trade tensions and tariff escalations triggered by the United States, sparking fears of a potential global recession. Despite these external uncertainties, the RBI is expected to maintain its focus on domestic economic fundamentals.
According to a CNBC-TV18 poll of top bankers, economists, and market experts, the central bank may acknowledge the rising global risks but is likely to place more emphasis on sustaining India’s economic momentum. A majority of respondents in the poll expect the RBI to announce a 25 basis point rate cut, aiming to shield the economy from potential shocks caused by external developments.
Meanwhile, inflation remains in check. As per a Reuters poll, India’s consumer price index (CPI) inflation for March is estimated at 3.60%, nearly unchanged from 3.61% in February. This stability comes even as rising gold prices offset flat food inflation. However, weather-related disruptions like uneven rainfall and heatwaves may keep food prices under watch going forward.
Monetary Policy Committee Schedule for FY26:
- April 7–9, 2025
- June 4–6, 2025
- August 5–7, 2025
- September 29–October 1, 2025
- December 3–5, 2025
- February 4–6, 2026
The policy outcome on April 9 will be closely watched for cues on RBI’s stance in balancing inflation control with growth support amid a volatile global landscape.
