The MPC unanimously decided to keep the policy repo rate under the LAF unchanged at 5.25% in the April 2026 review meeting, in line with ICRA’s expectation of a status quo. Accordingly, the SDF rate stands unchanged at 5.0%, and the MSF and Bank Rate at 5.5% each. 

Further, the Committee also decided to continue with the neutral stance, thereby retaining the flexibility to respond judiciously to incoming information. Besides, it stated that it would “continue to remain vigilant, closely monitoring incoming information and assessing the balance of risks”. 

The Committee expectedly resorted to cautious commentary, while stressing on upside and downside risks to the outlook for inflation and growth, respectively, in contrast with the typical statements on risks being balanced around both.