RBI releases MPC minutes: all six members backed 25 bps repo hike to 5.50%; two favoured keeping a neutral stance
Minutes of the 63rd Monetary Policy Committee meeting (October 5-7, 2026), released by the RBI on 21 October 2026, show all six members voted to raise the repo rate by 25 bps to 5.50%, while Dr Nagesh Kumar and Prof. Ram Singh wanted to keep the stance neutral.
Summary
The Reserve Bank of India released the minutes of the 63rd meeting of the Monetary Policy Committee (MPC), held on October 5-7, 2026, on 21 October 2026 under Section 45ZL of the RBI Act, 1934. The minutes show that all six members, chaired by Governor Sanjay Malhotra, voted to raise the policy repo rate by 25 basis points to 5.50%. The MPC changed its stance to 'calibrated tightening', but two external members, Dr Nagesh Kumar and Prof. Ram Singh, favoured keeping the stance neutral. The next MPC meeting is scheduled for December 2-4, 2026.
Key facts
- Minutes of
- 63rd MPC meeting, October 5-7, 2026
- Released
- 21 October 2026
- Legal basis
- Section 45ZL, RBI Act 1934 (minutes on 14th day after meeting)
- MPC constituted under
- Section 45ZB, RBI Act 1934
- Repo rate vote
- 6-0 for 25 bps hike to 5.50%
- Stance
- Changed to 'calibrated tightening'
- Favoured neutral stance
- Dr Nagesh Kumar, Prof. Ram Singh
- Chair
- Governor Sanjay Malhotra
- Next meeting
- December 2-4, 2026
Practice MCQs 3 questions
As per the MPC minutes released on 21 October 2026, how did the members vote on raising the repo rate by 25 bps to 5.50%?
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Correct answer: B — All six members voted in favour
Which two MPC members favoured retaining a neutral stance at the October 2026 meeting, as per the minutes?
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Correct answer: C — Dr Nagesh Kumar and Prof. Ram Singh
Consider the following statements about the Monetary Policy Committee (MPC): 1. The MPC is constituted under Section 45ZB of the RBI Act, 1934. 2. Under Section 45ZL of the RBI Act, the RBI must publish the minutes of an MPC meeting on the fourteenth day after the meeting. Which of the statements given above is/are correct?
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Correct answer: C — Both 1 and 2