In its Monetary Policy Committee (MPC) meeting held in February 2026, the RBI kept the repo rate unchanged and retained its policy stance as which of the following, despite one member dissenting in favour of a more accommodative approach?
Neutral
The Monetary Policy Committee of the Reserve Bank of India is a six-member body that fixes the policy repo rate and announces a policy stance, which signals the likely direction of future rate moves.
The RBI’s MPC moved its stance from accommodative to neutral in June 2025. A neutral stance keeps the committee free to cut or raise rates depending on how inflation and growth evolve.
At the February 2026 meeting the committee kept the repo rate unchanged and retained this neutral stance. The member who dissented wanted a more accommodative approach, which shows that the stance actually retained was not accommodative.
A restrictive stance or calibrated tightening would signal a bias towards raising rates to curb inflation; neither was the stance retained in February 2026.
Hence, Neutral.
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