The minutes of the October meeting show RBI's rate-setting panel weighing West Asia tensions, oil prices and spreading inflation after it raised the repo rate and turned to calibrated tightening.

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• The RBI's Monetary Policy Committee held its 63rd meeting from October 5 to 7, 2026, under Governor Sanjay Malhotra.
• The committee unanimously raised the policy repo rate by 25 basis points to 5.50 percent.
• The Standing Deposit Facility rate was adjusted to 5.25 percent, while the Marginal Standing Facility rate and Bank Rate rose to 5.75 percent.
• The MPC changed its policy stance from neutral to "calibrated tightening".
• The hike was the first increase in the repo rate since February 2023.
• The RBI said the stance signals that rate cuts are off the table in the near term, leaving a hike or a pause as the options.
• CPI inflation rose to 4.8 percent in August 2026 from 4.5 percent in July, and is projected at 5.2 percent for 2026-27.
• Real GDP growth for 2026-27 is projected at 7.1 percent, up from the earlier 6.7 percent.
• The minutes, published on October 21, show members acknowledging risks from the West Asia conflict, rising oil prices and inflation spreading beyond food and fuel.
• The next MPC meeting is scheduled for December 2 to 4, 2026.

Tags: RBIMPC, RepoRate, CalibratedTightening