Reserve Bank of India

Money Moves

Regulatory gatekeeper for ownership and control changes in NBFCs

MUFG just agreed to wire roughly $4.4 billion into Shriram Finance for a 20% stake—one of those deals that looks like 'just capital' until you read the fine print. The fine print is the story: board representation, minority-protection rights, and a separate $200 million non-compete/non-solicit payment tied to the promoter structure.

Updated Yesterday

Money Moves

MPC holds repo at 5.25% Feb 6, 2026; easing cycle paused; focus shifts to liquidity via OMOs amid bond yield pressures and currency volatility

In 2025, under Governor Sanjay Malhotra, the RBI cut its repo rate by a cumulative 125 basis points—from 6.50% in February to 5.25% on December 5. It was the sharpest easing since 2019. The cuts came with $16 billion in liquidity injections via bond purchases and a dollar-rupee swap, which Malhotra called a rare Goldilocks period of sub-target inflation and strong growth.

Updated 7 days ago

Rule Changes

MPC unanimously holds repo rate at 5.25% on February 6, 2026, after 125 bps cuts in 2025

India surpassed Japan in mid-2025 to become the world's fourth-largest economy. On February 1, 2026, Finance Minister Nirmala Sitharaman presented the Union Budget 2026, introducing a sweeping overhaul of India's tax code—the first major rewrite since 1961—while allocating a record ₹12.2 lakh crore for capital expenditure and ₹20,000 crore for carbon capture technologies. The budget came as the government faces new external pressures: the United States had imposed combined 50% tariffs on several Indian exports in 2025, yet India proved more resilient than expected. Just one day later, on February 2, India and the United States finalized a landmark trade agreement reducing U.S. tariffs on Indian goods from 50% to 18%, bringing India's trade burden in line with regional competitors. Prime Minister Narendra Modi had called the preceding Economic Survey a glimpse of the 'Reform Express,' stating India's momentum is accelerating even during difficult times.

Updated Feb 6