India: Policy rate

* indicates monthly or quarterly data series
The most recent value is 6 percent as of April 2025, a decline compared to the previous value of 6.25 percent. Historically, the average for India from January 2000 to April 2025 is 6.62 percent. The minimum of 4 percent was recorded in May 2020, while the maximum of 9 percent was reached in July 2008. Click on the following link to see the values of: Policy rate around the world.
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* indicates monthly or quarterly data series

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Recent values India: Policy rate, percent
2025  Apr 6
2025  Mar 6.25
2025  Feb 6.25
2025  Jan 6.5
2024  Dec 6.5
2024  Nov 6.5
2024  Oct 6.5
2024  Sep 6.5


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Definition: The interest rate which best captures the monetary authorities' policy intentions. Different countries have different policy interest rates. The most common are the overnight lending rate, discount rate and repurchase rate (of different maturities). In the USA the policy rate is the federal funds rate. The federal funds rate is the interest rate at which depository institutions trade federal funds (balances held at Federal Reserve Banks) with each other overnight. The federal funds rate is essentially determined by the market but is influenced by the Federal Reserve through open market operations to reach the federal funds rate target. In the Euro area the policy rate is the main refinancing operations rate. The main refinancing operations (MRO) rate is the interest rate banks pay when they borrow money from the ECB for one week. When they do this, they have to provide collateral to guarantee that the money will be paid back. The policy interest rates determine the levels of the rest of the interest rates in the economy, since it is the price at which private agents (mostly private banks) obtain money from the central bank.

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 Inflation, monthly 0.31 4/2025 percent
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 Household credit 59,522.99 3/2025 billion
 Mortgage credit 30,104.77 3/2025 billion
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 Deposit interest rate 7.00 12/2024 percent
 Policy rate 6.00 4/2025 percent
 Household debt to GDP 42.10 9/2024 percent
 Debt service ratios for private non-financial sector 11.30 Q3/2024 percent
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