Monetary Policy

Statement on Developmental and Regulatory Policies This Statement sets out various developmental and regulatory policy measures relating to (i) Regulations; (ii) Payments System; (iii) Financial Inclusion; (iv) Financial Markets; and (v) Capacity Building. I. Regulations 1. Advertising, Marketing and Sales of Financial Products and Services by Regulated Entities (REs)

Good morning. I welcome you all to the first policy of 2026. We are only in the second month of the new year and have already witnessed momentous actions on the geopolitical and trade-tariff fronts. 2. Amidst heightened geo-political tensions and elevated uncertainty, the Indian economy is in a good spot with strong growth and low inflation. Inflation remains below the tolerance band and its outlook continues to be benign. High frequency indicators suggest continuation of the strong growth momentum in Q3:2025-26 and beyond. With the signing of a landmark trade deal with the European Union and the US trade agreement in sight, growth momentum is likely to be sustained for a longer period.

Monetary Policy Decisions The Monetary Policy Committee (MPC) held its 59th meeting from February 4 to 6, 2026, under the chairmanship of Shri Sanjay Malhotra, Governor, Reserve Bank of India. The MPC members Dr. Nagesh Kumar, Shri Saugata Bhattacharya, Prof. Ram Singh, Dr. Poonam Gupta and Shri Indranil Bhattacharyya attended the meeting.

Tenor 90-day Notified Amount (in ₹ crore) 2,00,000 Total amount of bids received (in ₹ crore) 1,11,500 Amount allotted (in ₹ crore) 1,11,500 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) N.A.

On a review of current and evolving liquidity conditions, it has been decided to conduct a second Variable Rate Repo (VRR) auction on Friday, January 30, 2026, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 2,00,000 90 1:00 PM to 01:30 PM April 30, 2026 (Thursday) 2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022. 3. Participants will also have an option to prepay the amount borrowed in the above auction, and the operational guidelines for the same are as under: i) Prepayment requests can be placed only through the Ekuber portal during 09:00–17:00 hours on working days in Mumbai.

Tenor 90-day Notified Amount (in ₹ crore) 25,000 Total amount of bids received (in ₹ crore) 95,062

Tenor 2-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 6,235 Amount allotted (in ₹ crore) 6,235 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) NA

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Wednesday, January 28, 2026, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 2 9:30 AM to 10:00 AM January 30, 2026 (Friday)

As announced vide the Press Release 2025-2026/1984 dated January 23, 2026, the Reserve Bank will be conducting a Variable Rate Repo (VRR) auction on Friday, January 30, 2026, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 25,000 90 9:30 AM to 10:00 AM April 30, 2026 (Thursday)

The Reserve Bank has today released data on Money Supply for the fortnight ended January 15, 2026.

On a review of current liquidity and financial conditions, the Reserve Bank has decided to conduct the following operations to inject liquidity into the banking system: • 90-day Variable Rate Repo (VRR) operation for an amount of ₹25,000 crore to be conducted on January 30, 2026.

Tenor 5-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 64,071 Amount allotted (in ₹ crore) 50,010 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) 72.53

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Thursday, January 22, 2026, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 5 10:15 AM to 10:45 AM January 27, 2026 (Tuesday) 2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

The Reserve Bank has today released data on Reserve Money for the fortnight ended January 15, 2026.

Tenor 8-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 26,535 Amount allotted (in ₹ crore) 26,535

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Wednesday, January 21, 2026, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 8 9:30 AM to 10:00 AM January 29, 2026 (Thursday)

Tenor 4-day Notified Amount (in ₹ crore) 1,00,000 Total amount of bids received (in ₹ crore) 58,740 Amount allotted (in ₹ crore) 58,740 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) NA

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Monday, January 19, 2026, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 1,00,000 4 9:30 AM to 10:00 AM January 23, 2026 (Friday)

Tenor 2-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 29,114 Amount allotted (in ₹ crore) 29,114 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) NA

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Wednesday, January 14, 2026, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 2 9:30 AM to 10:00 AM January 16, 2026 (Friday)

Tenor 4-day Notified Amount (in ₹ crore) 1,00,000 Total amount of bids received (in ₹ crore) 77,199

On a review of current and evolving liquidity conditions, it has been decided to conduct a second Variable Rate Repo (VRR) auction on Friday, January 09, 2026, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 1,00,000 4 11:00 AM to 11:30 AM January 13, 2026 (Tuesday) 2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

Tenor 4-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 1,58,999 Amount allotted (in ₹ crore) 50,011

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Friday, January 09, 2026, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 4 9:30 AM to 10:00 AM January 13, 2026 (Tuesday) 2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022. 

The Reserve Bank has today released data on Money Supply for the fortnight ended December 31, 2025.

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Thursday, January 08, 2026, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 1,25,000 1 9:30 AM to 10:00 AM January 09, 2026 (Friday)

Tenor 2-day Notified Amount (in ₹ crore) 1,00,000 Total amount of bids received (in ₹ crore) 19,156 Amount allotted (in ₹ crore) 19,156 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) NA

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Wednesday, January 07, 2026, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 1,00,000 2 9:30 AM to 10:00 AM January 09, 2026 (Friday)

Tenor 1-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 14,625 Amount allotted (in ₹ crore) 14,625 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) NA

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Monday, January 05, 2026, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 1 9:30 AM to 10:00 AM January 06, 2026 (Tuesday)

Tenor 5-day Notified Amount (in ₹ crore) 1,00,000 Total amount of bids received (in ₹ crore) 25,795 Amount allotted (in ₹ crore) 25,795 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) NA

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 6,47,648.53 5.24 0.01-6.40 I. Call Money 14,118.97 5.35 4.50-5.45 II. Triparty Repo 4,39,396.35 5.20 4.95-5.30 III. Market Repo 1,90,923.76 5.32 0.01-5.54 IV. Repo in Corporate Bond 3,209.45 5.45 5.35-6.40

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Friday, January 02, 2026, as under:

In the Monetary Policy Statement dated December 6, 2024, the Reserve Bank had announced its proposal to add 'podcasts' to its communication toolkit for wider dissemination of information of interest to the general public. The RBI's podcast series aims to simplify complex financial topics and make financial knowledge more accessible and inclusive. Accordingly, the Reserve Bank has launched its podcast series, RBI Talks: Paisa to Policy, with the first episode titled "Demystifying KYC."

Tenor 1-day Notified Amount (in ₹ crore) 1,00,000 Total amount of bids received (in ₹ crore) 57,797 Amount allotted (in ₹ crore) 57,797 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) NA

Tenor 1-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 30,770 Amount allotted (in ₹ crore) 30,770

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Wednesday, December 31, 2025, as under

The Reserve Bank has today released data on Money Supply for the fortnight ended December 15, 2025.

Tenor 2-day Notified Amount (in ₹ crore) 2,00,000 Total amount of bids received (in ₹ crore) 1,43,718 Amount allotted (in ₹ crore) 1,43,718

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Tuesday, December 30, 2025, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 2,00,000 2 9:30 AM to 10:00 AM January 01, 2026 (Thursday)

Tenor 4-day Notified Amount (in ₹ crore) 50,000 Total amount of bids received (in ₹ crore) 28,007 Amount allotted (in ₹ crore) 28,007 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) NA

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 0.00 - - I. Call Money 0.00 - - II. Triparty Repo 0.00 - - III. Market Repo 0.00 - - IV. Repo in Corporate Bond 0.00 - -

On a review of current and evolving liquidity conditions, it has been decided to conduct a Second Variable Rate Repo (VRR) auction on Friday, December 26, 2025, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 50,000 4 11:00 AM to 11:30 AM December 30, 2025 (Tuesday)

Tenor 4-day Notified Amount (in ₹ crore) 1,75,000 Total amount of bids received (in ₹ crore) 2,03,990 Amount allotted (in ₹ crore) 1,75,021 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) 83.19

(Amount in ₹ Crore, Rate in Per cent) MONEY MARKETS@ Volume (One Leg) Weighted Average Rate Range A. Overnight Segment (I+II+III+IV) 7,04,987.48 5.34 2.00-6.45 I. Call Money 17,445.39 5.47 4.50-5.57 II. Triparty Repo 4,75,553.65 5.31 5.20-5.51 III. Market Repo 2,08,589.84 5.38 2.00-5.71 IV. Repo in Corporate Bond 3,398.60 5.50 5.40-6.45

     On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Friday, December 26, 2025, as under:

As announced vide the Press Release 2025-2026/1759 dated December 23, 2025, the Reserve Bank will be conducting a USD/INR Buy/Sell swap auction of USD 10 billion for a tenor of three years. The details of the auction are as under: Swap Amount (USD Billion) Auction date Auction Time Near Leg/Spot Date Far Leg Date 10 January 13, 2026 10.30 AM to 11.30 AM January 15, 2026 January 16, 2029

Tenor 2-day Notified Amount (in ₹ crore) 1,25,000 Total amount of bids received (in ₹ crore) 87,347 Amount allotted (in ₹ crore) 87,347 Cut off Rate (%) 5.26 Weighted Average Rate (%) 5.26 Partial Allotment Percentage of bids received at cut off rate (%) NA

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Wednesday, December 24, 2025, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 1,25,000 2 9:30 AM to 10:00 AM December 26, 2025 (Friday)

On a review of current liquidity and financial conditions, the Reserve Bank has decided to conduct the following operations to inject liquidity into the banking system: • OMO purchase auctions of Government of India securities for an aggregate amount of ₹2,00,000 crore in four tranches of ₹50,000