IndiaTrackerData as of 1 Nov 2026

Money & banking

What is RBI's policy stance, where are money-market rates, and how fast are bank credit and deposits growing? The policy repo rate is 5.50% (1 Nov 2026); bank credit grew 18.2% on a year earlier in the fortnight to 15 Oct 2026. The banking system's liquidity was in surplus by ₹1.72 lakh crore on 25 Oct 2026, and broad money (M3) grew 16.0% on a year earlier.

Next MPC decision: 4 Dec 2026 (33 days). Last decision (October 5 to 7, 2026): +25 bp to 5.50%, stance calibrated tightening. Calendar →

Policy corridor and the call rate

Per cent; the call rate (WACR) normally trades between the SDF floor and the MSF ceiling

Source: RBI.

Week-ended values from RBI's Weekly Statistical Supplement, plus daily readings of RBI's home page since 28 Oct 2026.

MPC decisions

MeetingRepo rateChangeVote on the rateStance
October 5 to 7, 20265.50%+25 bp6–0calibrated tightening
August 3 to 5, 20265.25%hold6–0neutral
June 3 to 5, 20265.25%hold6–0neutral
April 6 to 8, 20265.25%hold6–0neutral
February 4 to 6, 20265.25%hold6–0neutral
December 3 to 5, 20255.25%−25 bp6–0neutral
September 29, 30 and October 1, 20255.50%hold6–0neutral
August 4 to 6, 20255.50%hold6–0neutral
June 4 to 6, 20255.50%−50 bp6–0 (1 member voted for 25 bp)neutral
April 7 to 9, 20256.00%−25 bp6–0accommodative
February 5 to 7, 20256.25%−25 bp6–0neutral
December 4 to 6, 20246.50%hold4–2neutral
All 62 meetings since October 2016
MeetingRepo rateChangeVoteStance
October 7 to 9, 20246.50%hold5–1neutral
August 6 to 8, 20246.50%hold4–2withdrawal of accommodation
June 5 to 7, 20246.50%hold4–2withdrawal of accommodation
April 3 to 5, 20246.50%hold5–1withdrawal of accommodation
February 6 to 8, 20246.50%hold5–1withdrawal of accommodation
December 6 to 8, 20236.50%hold6–0withdrawal of accommodation
October 4 to 6, 20236.50%hold6–0withdrawal of accommodation
August 8 to 10, 20236.50%hold6–0withdrawal of accommodation
June 6 to 8, 20236.50%hold6–0withdrawal of accommodation
April 3, 5 and 6, 20236.50%hold6–0withdrawal of accommodation
February 6-8, 20236.50%+25 bp4–2withdrawal of accommodation
December 5-7, 20226.25%+35 bp5–1withdrawal of accommodation
September 28-30, 20225.90%+50 bp5–1withdrawal of accommodation
August 3 to 5, 20225.40%+50 bp6–0withdrawal of accommodation
June 6 to 8, 20224.90%+50 bp6–0withdrawal of accommodation
May 2 and 4, 20224.40%+40 bp6–0withdrawal of accommodation
April 6 to 8, 20224.00%hold6–0withdrawal of accommodation
February 8 to 10, 20224.00%hold6–0accommodative
December 6 to 8, 20214.00%hold6–0accommodative
October 6 to 8, 20214.00%hold6–0accommodative
August 4 to 6, 20214.00%hold6–0accommodative
June 2 to 4, 20214.00%hold6–0accommodative
April 5-7, 20214.00%hold6–0accommodative
February 3-5, 20214.00%hold6–0accommodative
December 2 to 4, 20204.00%hold6–0accommodative
October 7 to 9, 20204.00%hold6–0accommodative
August 4 to 6, 20204.00%hold6–0accommodative
May 20 to 22, 20204.00%−40 bp6–0 (1 member voted for 25 bp)accommodative
March 24, 26 and 27, 20204.40%−75 bp6–0 (2 members voted for 50 bp)accommodative
February 4 to 6, 20205.15%hold6–0accommodative
December 3 to 5, 20195.15%hold6–0accommodative
October 1, 3 and 4, 20195.15%−25 bp6–0 (1 member voted for 40 bp)accommodative
August 5-7, 20195.40%−35 bp6–0 (2 members voted for 25 bp)accommodative
June 3, 4 and 6, 20195.75%−25 bp6–0accommodative
April 2-4, 20196.00%−25 bp4–2neutral
February 5-7, 20196.25%−25 bp4–2neutral
December 3-5, 20186.50%hold6–0calibrated tightening
October 3-5, 20186.50%hold5–1calibrated tightening
July 30-August 1, 20186.50%+25 bp5–1neutral
June 4-6, 20186.25%+25 bp6–0neutral
April 4-5, 20186.00%hold5–1neutral
February 6-7, 20186.00%hold5–1neutral
December 5-6, 20176.00%hold5–1neutral
October 3-4, 20176.00%hold5–1neutral
August 1-2, 20176.00%−25 bp4–2neutral
June 6-7, 20176.25%hold5–1neutral
April 5-6, 20176.25%hold6–0neutral
February 7-8, 20176.25%hold6–0neutral
December 6-7, 20166.25%hold6–0accommodative
October 3-4, 20166.25%–6–0accommodative

From the resolution in each set of MPC minutes. Vote: members for and against the rate resolution; since 2025 the minutes also record the size of move each member voted for, and members who backed a different size are noted. The stance is as worded in the minutes; when the minutes don't restate it, the previous meeting's stance is shown. Source: RBI, minutes of the MPC meetings.

Liquidity

Banking system liquidity

₹ lakh crore, daily; net absorption (+) or injection (−) by RBI across all its operations. Above zero, banks hold surplus funds

Source: RBI.

RBI prints this as net injection (+) / absorption (−); the sign is flipped here so that a surplus is positive. Includes LAF repo and reverse repo (fixed and variable rate), MSF, SDF, standing liquidity facilities and outright open-market operations. Source: RBI, Weekly Statistical Supplement, table 8.

Bank credit and deposits

Bank credit and deposit growth, as published

Scheduled commercial banks, % change on a year earlier

Source: RBI.

Outstanding

₹ lakh crore, scheduled commercial banks

Source: RBI.

RBI notes that these data include the effect of a non-bank merging into a bank, which lifts year-on-year growth; see the note in the WSS table.

Credit–deposit ratio

Bank credit as % of aggregate deposits, scheduled commercial banks, fortnightly (site calculation from the two RBI series)

Source: RBI; site calculation.

Who is borrowing: credit by sector

Bank credit growth by sector

% change on a year earlier, as published

Source: RBI.

Personal loans by type

% change on a year earlier, as published

Source: RBI.
% y/y, last reporting day of the monthApr 2026May 2026Jun 2026Jul 2026Aug 2026Sep 2026
Non-food credit15.817.418.319.118.819.2
Agriculture13.714.916.817.017.219.5
Industry15.117.619.320.018.219.5
Services18.620.421.422.924.428.3
of which NBFCs27.733.732.235.737.541.8
Personal loans16.015.415.816.216.917.3
Housing11.410.911.011.311.111.5
Vehicle18.017.317.318.819.715.5
Gold loans121.2105.593.888.183.282.6
Credit cards3.81.31.92.33.67.2

RBI's monthly Sectoral Deployment of Bank Credit (Statement 1), growth rates as published. Gold loans are left out of the chart because their growth is far larger than the rest; they are in the table. Each release also restates the year-earlier rate.

Money supply

Broad money (M3) and reserve money growth

% change on a year earlier, as published

Source: RBI.

Outstanding

₹ lakh crore

Source: RBI.

Fortnightly. M3 includes the effect of a non-bank merging into a bank from July 2023 (RBI's note). Source: RBI, Weekly Statistical Supplement, tables 6 and 7.

Commercial paper and certificates of deposit

Rates on new issues

Per cent; the low and high ends of the range at which paper was issued in each fortnight

Source: RBI.

Outstanding

₹ lakh crore

Source: RBI.

Certificates of deposit are short-term borrowing by banks; commercial paper is short-term borrowing by companies and non-banks. RBI prints a range of rates for each fortnight, not an average, so the high end can jump with a single small issue by a weaker borrower. Source: RBI, Weekly Statistical Supplement, tables 10 and 11.

Rates, recent weeks

Per cent, week ended16 Oct 202623 Oct 202628 Oct 202629 Oct 202630 Oct 20261 Nov 2026
Repo rate5.505.505.505.505.505.50
SDF rate5.255.255.255.255.255.25
MSF rate5.755.755.755.755.755.75
CRR3.003.003.003.003.003.00
SLR18.0018.0018.0018.0018.0018.00
Call rate (WACR)5.565.68––––
91-day T-bill (weekly)5.73–––––
182-day T-bill6.29–––––
364-day T-bill6.49–––––
10-yr par yield (FBIL)7.407.52––––