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The Reserve Bank of India (RBI) lowered its key repo rate by 25 bps to 5.25% during its December 2025 meeting, in line with forecasts amid confidence in a softer inflation outlook. The RBI has now cut rates by a total of 125 bps since the beginning of the year, bringing the repo rate to its lowest level since July 2022. The central bank also announced open market operations worth INR 1 trillion (USD 11.14 billion) to buy bonds this month, along with an additional USD 5 billion in forex swaps to inject liquidity into the banking system and speed up the transmission of lower rates. On the economic outlook, the RBI raised its GDP growth forecast for FY2025/26 to 7.3%, up from its earlier estimate of 6.8%. Meanwhile, headline inflation was revised down to 2.0% from 2.6%, keeping it well within the central bank’s 2%–6% target range. The RBI also cut the Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) rates by 25 bps, bringing them to 5.0% and 5.50%, respectively.