8 April 2026 · Daily Current Affairs

Banking and RBI

MPC keeps repo rate unchanged at 5.25 per cent

8 April 2026 | Reserve Bank of India, Monetary Policy Statement 2026-27

The Monetary Policy Committee (MPC) held its 60th meeting from 6 to 8 April 2026 under Governor Sanjay Malhotra and voted unanimously to keep the policy repo rate under the liquidity adjustment facility unchanged at 5.25 per cent. The standing deposit facility (SDF) rate stays at 5.00 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 5.50 per cent. The stance remains neutral.

The other members present were Dr Nagesh Kumar, Shri Saugata Bhattacharya, Prof Ram Singh, Dr Poonam Gupta and Shri Indranil Bhattacharyya. The RBI said the conflict in West Asia has severely disrupted global supply chains, posing a hard trade-off between anchoring inflation expectations and protecting growth.

The RBI said the Indian economy remained resilient in 2025-26, with real GDP estimated to grow 7.6 per cent and real GVA 7.7 per cent per the Second Advance Estimates of the new GDP series (base year 2022-23).

Exam takeaway: The repo rate is the rate at which the RBI lends to banks under the LAF.

Quick revision: MPC 8 Apr 2026: repo 5.25% unchanged; SDF 5.00%; MSF 5.50%; neutral stance.

Banking and RBI

RBI's developmental and regulatory policy measures, 8 April 2026

8 April 2026 | Reserve Bank of India, Statement on Developmental and Regulatory Policies

Along with the repo decision, the RBI proposed to dispense with the condition that limits the inclusion of quarterly profits in CRAR for commercial banks (the condition on incremental NPA provisions not deviating over 25 per cent), and to dispense with the Investment Fluctuation Reserve (IFR) requirement for commercial banks that already hold a capital charge for market risk. Draft directions will follow for public comments.

The RBI is publishing drafts of 64 Master Directions that consolidate supervisory instructions across up to nine functional areas. It is also proposing to remove the due diligence requirement for onboarding MSMEs on TReDS platforms.

To deepen the term money market, it expanded participants beyond banks and standalone primary dealers to include AIFIs, NBFCs including housing finance companies, and companies, and raised the borrowing limit for standalone primary dealers.

Exam takeaway: TReDS is the electronic platform on which MSME receivables are discounted by financiers.

Quick revision: RBI 8 Apr 2026: IFR to go, TReDS onboarding eased, term money market widened.

Economy and Finance

RBI projects 6.9 per cent GDP growth and 4.6 per cent inflation for 2026-27

8 April 2026 | Reserve Bank of India, Monetary Policy Statement 2026-27

The RBI projected real GDP growth for 2026-27 at 6.9 per cent, with Q1 at 6.8 per cent, Q2 at 6.7 per cent, Q3 at 7.0 per cent and Q4 at 7.2 per cent. It assumed the adverse impact of the conflict would remain contained in the near term. It flagged elevated energy prices and disruptions in the Strait of Hormuz as drags on production.

CPI inflation for 2026-27 is projected at 4.6 per cent, with Q1 at 4.0 per cent, Q2 at 4.4 per cent, Q3 at 5.2 per cent and Q4 at 4.7 per cent. Core inflation is projected at 4.4 per cent.

On the new CPI series (2024=100), headline inflation rose to 3.2 per cent in February 2026 from 2.7 per cent in January, mainly on base effects. The RBI named persistently high energy prices and possible El Nino conditions as upside risks to inflation.

Exam takeaway: The RBI projects both growth and inflation for the year in each Monetary Policy Statement.

Quick revision: RBI FY27 projections: GDP 6.9%, CPI 4.6%.

Appointments, Awards and Important Days

V.T.V. Ramana assumes charge as Director General, NIC

8 April 2026 | National Informatics Centre (MeitY), as reported by Tech Observer

V.T.V. Ramana assumed charge as Director General of the National Informatics Centre (NIC) on 8 April 2026, according to a post by NIC under the Ministry of Electronics and Information Technology and a Tech Observer report headlined 'V.T.V. Ramana Takes Charge as NIC Director General'.

The NIC is the government's technology and e-governance arm. We did not read further biographical details for this appointment, so none are given.

Exam takeaway: Abhishek Singh, moved from MeitY to the NTA on 31 March, was earlier DG of the NIC.

Quick revision: NIC DG: V.T.V. Ramana from 8 Apr 2026.