Key Monetary Policy and Interest Rate Indicators in India

RBI policy repo rate, % · 2026-07-23

Useful?

10-year G-Sec yield, % (end of period)	2026'E	2027'F
SPF median (August 2026) as of 2026-08

91-day T-Bill yield, % (end of period)	2026'E	2027'F
SPF median (August 2026) as of 2026-08

Every cell is queried by row ID from the data registry. Click a value to see its provenance (publisher, document, vintage, primary source).

From the primary sources — verbatim

“If a protracted Middle East conflict puts the rupee under further depreciation pressure, this would increase the need to tighten monetary policy following the easing cycle throughout 2025.”
European Commission (DG ECFIN) — European Economic Forecast, p.200 · vintage 2026-05 · IN-Q-0130✓ substring-verified

“The WACR hovered largely within the policy rate corridor during H2: 2025-26, with its spread over the policy repo rate widening from (-)2 bps in October 2025 to (+)4 bps in March 2026.”
Reserve Bank of India — Monetary Policy Report, p.30 · vintage 2026-04 · IN-Q-0141✓ substring-verified

“Excessive liquidity surplus over a prolonged period runs the risk of driving short term interest rates to ultra-low levels, distorting risk perceptions and engendering asset price bubbles.”
Reserve Bank of India — Monetary Policy Report, p.28 · vintage 2026-04 · IN-Q-0143✓ substring-verified

“In contrast, large deficit (shortage) in the banking system liquidity raises borrowing costs for banks, which constricts lending capacity, impede monetary transmission and potentially undermine financial stability.”
Reserve Bank of India — Monetary Policy Report, p.28 · vintage 2026-04 · IN-Q-0144✓ substring-verified

“The MPC noted that while macroeconomic conditions and the outlook opened policy space for remaining growth supportive, it would be prudent to wait for the impact of the front-loaded monetary policy actions and the GST rate adjustments to play out as well as to get greater clarity on the unfolding of trade related uncertainties before adjusting the policy rate.”
Reserve Bank of India — Monetary Policy Report, p.102 · vintage 2026-04 · IN-Q-0191✓ substring-verified

“This shift signals that amidst heightened uncertainty along with post pandemic legacy of large debt levels for major economies, monetary authorities are considering a broader set of indicators beyond the traditional inflation-output gap trade-off.”
Reserve Bank of India — Monetary Policy Report, p.104 · vintage 2026-04 · IN-Q-0177✓ substring-verified

“Aided by CRR cuts, the money multiplier increased to 5.99 as on March 15, 2026, from 5.72 a year ago, notwithstanding an increase in the currency-deposit ratio.”
Reserve Bank of India — Monetary Policy Report, p.30 · vintage 2026-04 · IN-Q-0145✓ substring-verified

“The findings suggest that surplus liquidity in the range of 0.6 to 1.1 per cent of NDTL is likely to keep the spread between 5 to 10 bps below the repo rate, while liquidity deficit in the range of 0.4 to 0.7 per cent of NDTL is likely to keep the WACR above the repo rate between 5 to 10 bps.”
Reserve Bank of India — Monetary Policy Report, p.29 · vintage 2026-04 · IN-Q-0142✓ substring-verified

Notes

— India's macroeconomic data run on fiscal years (April–March). A column labelled '2026' refers to FY2026-27 for Indian institutions (RBI, SPF, ADB, World Bank GEP, European Commission) and to the corresponding fiscal-year figure published by the IMF WEO and OECD for India.
— The policy repo rate shown in the daily block is the official rate set by the RBI's Monetary Policy Committee, refreshed automatically every day from the BIS central-bank policy-rate statistics (compiled from the RBI) — it updates within days of any MPC decision. Yield forecasts are end-of-period medians from the RBI's Survey of Professional Forecasters.