RBI Unveils Full Calendar for Monetary Policy Committee Meetings in FY 2026-27
The Reserve Bank of India (RBI) has officially announced the complete schedule for the bi-monthly Monetary Policy Committee (MPC) meetings for the upcoming financial year 2026-27. This critical announcement sets the timeline for India's key interest rate decisions over the next twelve months.
Detailed Schedule of Six MPC Meetings
According to the released calendar, the six-member rate-setting panel will convene for six comprehensive meetings throughout FY27. The first policy review of the financial year is scheduled to take place from April 6 to April 8, 2026, marking the initial assessment of economic conditions for the new fiscal period.
The subsequent bi-monthly policy reviews will follow this pattern:
- Second meeting: June 3-5, 2026
- Third meeting: August 2026 (exact dates to be confirmed)
- Fourth meeting: October 2026 (exact dates to be confirmed)
- Fifth meeting: December 2026 (exact dates to be confirmed)
- Sixth meeting: February 2027 (exact dates to be confirmed)
These three-day meetings follow the established pattern where the MPC typically votes on the final policy resolution on the third day. Following the completion of the voting process, the RBI Governor publicly announces the committee's decision regarding the benchmark policy rate.
Structure and Function of the Monetary Policy Committee
The Monetary Policy Committee serves as India's primary authority for determining the country's benchmark policy rate, commonly known as the repo rate. This crucial financial mechanism directly influences inflation control and economic stability across the nation.
The committee comprises six distinguished members with balanced representation:
- Three officials from the Reserve Bank of India, including the Governor who serves as the permanent Chairperson
- Three external members appointed directly by the Central Government of India
This structure ensures both institutional expertise and independent perspective in monetary policy decisions. The MPC announces its bi-monthly monetary policy after thoroughly reviewing prevailing domestic and international economic conditions, with particular emphasis on retail inflation trends.
In its most recent meeting held in February 2026, the committee maintained the short-term lending rate (repo rate) unchanged at 5.25 percent. This decision reflected the ongoing delicate balance between inflation management and growth considerations that has characterized recent monetary policy approaches.
Inflation Targeting Framework Under Review
The announcement of the FY27 MPC calendar coincides with another significant monetary policy development. India's inflation targeting framework is scheduled for its next formal review by March 31, 2026.
The current inflation targeting mechanism was first established on August 5, 2016, when the government officially notified the specific inflation target along with its tolerance band for the initial five-year period spanning 2016-2021. The first review conducted in March 2021 resulted in the retention of the same target for another five-year cycle extending through March 2026.
This upcoming second review represents a critical juncture for India's monetary policy framework, potentially influencing how the MPC approaches its mandate during the scheduled meetings for FY27 and beyond. The review will assess the effectiveness of the current inflation targeting regime and determine whether adjustments are necessary for the subsequent five-year period.
The simultaneous timing of these two announcements—the MPC meeting schedule and the impending inflation target review—highlights the coordinated approach to monetary policy planning that characterizes India's economic governance. As the country prepares for another fiscal year of economic decision-making, these frameworks will play pivotal roles in shaping financial stability and growth trajectories.
