RBI unveils FY27 MPC calendar, first rate review scheduled for April 8

The Reserve Bank of India (RBI) on Monday announced the schedule for the bi-monthly Monetary Policy Committee (MPC) meetings for financial year 2026-27, with the first policy review slated for April 6-8.The six-member rate-setting panel, headed by the RBI Governor, will hold six meetings during the next financial year, news agency PTI reported.According to the RBI calendar, the first meeting will run from April 6 to 8.The second bi-monthly policy review is scheduled for June 3-5, followed by three-day meetings in August, October, December and February.Typically, the six-member MPC votes on the policy resolution on the third day of the meeting, after which the RBI Governor announces the decision once the voting process is completed.The Monetary Policy Committee (MPC) is a six-member body responsible for deciding India’s benchmark policy rate (repo rate) to help contain inflation.The panel consists of three RBI officials, including the Governor, who serves as Chairperson and three external members appointed by the Central government.The committee announces the bi-monthly monetary policy after reviewing prevailing domestic and economic conditions and taking into account retail inflation.At its last meeting in February, the MPC had kept the short-term lending rate (repo rate) unchanged at 5.25 per cent.That decision came amid continued focus on balancing inflation management with growth considerations.The announcement of the FY27 MPC calendar also comes as India’s inflation targeting framework is due for its next formal review.The government had first notified the inflation target, along with its tolerance band, on August 5, 2016, for the period 2016-2021.In the first review conducted in March 2021, the same target was retained for another five years, up to March 2026.A second review of the inflation target is now due by the end of March 2026.