India: Policy rate

* indicates monthly or quarterly data series

Policy rate, percent

 Latest value 6.5
 Reference March 2024
 Measure percent
 Data availability January 2003 - March 2024
 Average 6.43
 Min - Max 4 - 9
 Source Bank for International Settlements (BIS)
For that indicator, we provide data for India from January 2003 to March 2024. The average value for India during that period was 6.43 percent with a minimum of 4 percent in May 2020 and a maximum of 9 percent in July 2008. Click on the following link to see the values of Policy rate, percent around the world.
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* indicates monthly or quarterly data series

Recent values chart
India - Policy rate - recent values

Historical chart
India - Policy rate - historical chart - 2003-2024
Measure: percent
Source: Bank for International Settlements (BIS)

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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.

 Related indicators Latest value Reference Measure
 Inflation 6.7 2022 percent
 Exchange rate regimes 7 2021 index points
 USD exchange rate 83.0799 9/2023 Local Currency Units per USD
 Money supply (broad money) 233,623.01 9/2023 billion
 Consumer Price Index (CPI) 184.1000 9/2023 index points
 Inflation, monthly -1.13 9/2023 percent
 Inflation, annual 5.02 9/2023 percent
 Private sector credit 141,525.00 9/2023 billion
 Business credit 93,256.67 9/2023 billion
 Household credit 48,268.33 9/2023 billion
 Mortgage credit 24,766.97 9/2023 billion
 Consumer credit 23,501.36 9/2023 billion
 Deposit interest rate 6.70 9/2023 percent
 Policy rate 6.50 9/2023 percent
 Household debt to GDP 37.20 9/2023 percent
 Debt service ratios for private non-financial sector 10.80 Q3/2023 percent
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