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PolicyRate
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Thepolicyrateisthekeylendingrateofthecentralbankinacountry.Itisamonetarypolicyinstrumentunderthe
controloftheCentralBankReserveBankofIndia(RBI)toregulatetheavailability,costanduseofmoneyand
credit.

Achangeinthepolicyratealtersallothershortterminterestratesintheeconomy,therebyinfluencingthelevelof
economicgrowthandinflation.(Alowinterestrateregimeisconsideredconducivetogrowthwhileitgenerally
fuelsinflation)

InIndia,thefixedreporatequotedforsovereignsecuritiesintheovernightsegmentofLiquidityAdjustment
Facility(http://www.arthapedia.in/index.php?title=Liquidity_Adjustment_Facility_(LAF))(LAF)isconsideredas
thepolicyrate.(ItmaybenotedthatIndiahasmanyotherreporatesinoperationeg.Marketrepo,repoon
corporatedebtsecuritiesetc.formoredetailspleaseseetheconceptof'RepoandReverseRepo
(http://arthapedia.in/index.php?title=Repo_Rate_and_Reverse_Repo_Rate)').

Inmostcountries,policyrateisgenerallythereporate,thoughthenomenclaturevariesfromcountrytocountry.For
instance,inUS,itiscalledthefederalfundrate.Somecountriesusecashreserveratio(China)orbankrate(UK)as
themainpolicyratestoinfluencecreditgrowth.

Reporate,orrepurchaserateintheovernightLAFwindow,isthefixedrateatwhichRBIlendstobanksforaday.
ThisisdonebyRBIbuyinggovernmentbondsfrombankswithanagreementtosellthembackatafixedrate.Repo
ratechangestransmitthroughthemoneymarkettoaltertheotherinterestratesinthefinancialsystem,whichin
turninfluenceaggregatedemandakeydeterminantofinflationandgrowth.

IftheRBIwantstomakeitmoreexpensiveforbankstoborrowmoney,itincreasesthereporate.Similarly,ifit
wantstomakeitcheaperforbankstoborrowmoney,itreducesthereporate.Inotherwords,anincreaseintherepo
ratewillleadtoliquiditytighteningandviceversa,otherthingsremainingconstant.

LegalBackingforthePolicyRateinIndia

TheReserveBankofIndiaandGovernmentofIndiasignedtheMonetaryPolicyFrameworkAgreement
(http://finmin.nic.in/reports/MPFAgreement28022015.pdf)on20February2015,totaskRBIwiththeresponsibility
forpricestabilityandinflationtargeting(http://www.arthapedia.in/index.php?title=Inflation_Targeting_In_India).
ThetermpolicyrategotfirstdefinedinthisAgreementeventhoughthereporatehademergedasthekeypolicy
rateforsignallingthemonetarypolicystancesinceJune2000.

Subsequently,thegovernmentwhileunveilingtheUnionBudgetfor201617(http://indiabudget.nic.in/),proposed
toamendsection2oftheRBIAct,1934(https://www.rbi.org.in/scripts/OccasionalPublications.aspx?
head=Reserve%20Bank%20of%20India%20Act)throughtheFinanceBill2016(http://indiabudget.nic.in/bill.asp)
togivealegalbackingfortheaforementionedMonetaryPolicyFrameworkAgreementandinflationtargeting
(http://www.arthapedia.in/index.php?title=Inflation_Targeting_In_India)approachintheconductofmonetary
policy.Accordingly,itwasdecidedtoinsertSection2(iv)(ccccii)whichdefines"policyrate"astherateforrepo
transactionsundersubsection(12AB)ofsection17oftheRBIAct,1934.

Subsection(12AB)ofsection17oftheRBIAct,1934,defines"repo"as"aninstrumentforborrowingfundsby
sellingsecuritiesoftheCentralGovernmentoraStateGovernmentorofsuchsecuritiesofalocalauthorityasmay
bespecifiedinthisbehalfbytheCentralGovernmentorforeignsecurities,withanagreementtorepurchasethesaid
securitiesonamutuallyagreedfuturedateatanagreedpricewhichincludesinterestforthefundsborrowed".

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FinanceBill2016(http://indiabudget.nic.in/bill.asp)wasmadeintoanActTheFinanceAct,2016
(http://www.incometaxindia.gov.in/pages/acts/financeacts.aspx)inMay2016.

Fixingofthepolicyrate

RBIfixestheovernightLAFreporateandthesameisannouncedthroughthemonetarypolicystatements.The
policyframeworkoftheRBIaimsatsettingthereporatebasedonaforwardlookingassessmentofinflation,
growthandothermacroeconomicrisks,andmodulationofliquidityconditionstoanchormoneymarketratesator
aroundthereporate.

Monetarypolicyisgenerallyconductedwithasinglepolicyrateinmanycountries.Thepolicyrateissetwithina
corridorchartedby

Astandingcollateralisedmarginallendingfacilityavailablethroughoutthedayataratehigherthanthe
Policyratethatprovidestheupperboundand
AstandinguncollateraliseddepositfacilityataratelowerthanthePolicyratethatprovidesthelowerbound
tothecorridor.

TheupperboundoftheinterestratecorridorinIndiaisservedbytheMarginalStandingFacility
(http://www.arthapedia.in/index.php?title=Marginal_Standing_Facility)(MSF)rate,whichisthepenalrateatwhich
banksborrowmoneyfromthecentralbankandlowerboundisservedbythereversereporate
(http://arthapedia.in/index.php?title=Repo_Rate_and_Reverse_Repo_Rate),therateatwhichbanksparktheir
surpluswithRBIbypurchasingthesecuritiesfromcentralbank[1].

ThetypicalcorridorusedbyRBIhasbeen200basispoints(100basispoint(bps)=1%)or+/100bpsfromthe
policyrate.InApril2016,RBInarrowedthepolicyratecorridorfrom+/100basispoints(bps)to+/50bps.Thus,
MSFwillbefixed50basispointsabovereporateandReverserepowouldbefixed50basispointsbelowRepo
rate.

ConsequenttotheintroductionofinflationtargetingregimeandMonetaryPolicyFrameworkAgreement,ithas
beendecidedthatthe"policyrate"willbedecidedbytheMonetaryPolicyCommittee
(http://www.arthapedia.in/index.php?title=Monetary_Policy_Committee_(MPC))(MPC),whichintheirviewis
consistentwithmaintainingpricestabilitywhilekeepinginmindtheobjectiveofgrowth.TheMPCtakesdecisions
basedonmajorityvote(bythosewhoarepresentandvoting).Incaseofatie,theRBIgovernorwillhavethe
secondorcastingvote.ThedecisionoftheCommitteewouldbebindingontheRBI.

TheprovisionofcreatinganMPCforfixationofpolicyratewasmadethroughtheFinanceAct,2016
(http://www.incometaxindia.gov.in/pages/acts/financeacts.aspx).

HistoryandEmergenceoftheIndianPolicyRate

TheoperatingprocedureofmonetarypolicyinIndiahasevolvedovertheyearsfromregulationanddirectionof
credit(thatiswhichsectoroftheeconomyshouldreceivecreditandatwhatrate)toliquiditymanagementina
marketenvironment.

Inthebeginning,BankRate(http://arthapedia.in/index.php?title=Bank_Rate)[2]wasusedasageneralinstrument
ofinterestratepolicyinIndia.Withthenationalizationofbanksin1969(soastoaidchannelizationofcreditto
selectprioritysectors(http://www.arthapedia.in/index.php?title=Priority_Sector_Lending_(PSL))andtofinance
governmentdeficits/operations)focusshiftedtostatutoryliquidityratio(http://www.arthapedia.in/index.php?
title=Statutory_Liquidity_Ratio)(SLR)andCashreserveRatio(http://arthapedia.in/index.php?
title=Cash_Reserve_Ratio_(CRR))(CRR).ThelevelofSLRwasprogressivelyincreasedfromthestatutory
minimumof25%inFebruary1970to38.5%bySeptember1990therebyenablingGovernmenttoexpandits
expendituresbeyonditsmeans.TheCRRwasmainlyusedtoneutralisetheinflationaryimpactofdeficitfinancing
bytheGovernmentandwasgraduallyraisedfromitsstatutoryminimumof3%inSeptember1962to15%byJuly

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1989.Duringthisperiod,theBankRatehadalimitedroleinmonetarypolicyoperations,asitwasineffectivedue
totheincreasingprescriptionofdifferentialratesforvarioussectorspecificrefinancefacilitiesandthelackofa
genuinebillmarket.

Withtheliberalizationoftheeconomyin1991andtheonsetofcapitalflows,liquidityabsorptionbegantobe
carriedoutthroughreverserepos(thencalledasrepos,incontrasttotheinternationalusageoftheterm)introduced
in1992.Thegovernmentmarketborrowingthroughauctionssince199293ledtodevelopmentofasecondary
marketingovernmentsecuritiesandthemarketdeterminationofinterestrates.Furthermore,theexchangerate
begantohaveabearingonmonetarymanagementwithexchangerateliberalisationtherupeebecamefully
convertibleonthecurrentaccountin1994andtheopeningupoftheeconomy.

Bythesecondhalfofthe1990s,liquiditymanagementoperationsbytheRBImovedawayfromdirectinstruments
toindirectinstruments.TheCRRwasbroughtdownfrom15%ofnetdemandandtimeliabilities(NDTL)ofbanks
duringJuly1989April1993to9.5%byNovember1997.TheSLRwasreducedtothestatutoryminimumof25%
byOctober1997.

RBIintroducedanInterimLiquidityAdjustmentFacility(http://www.arthapedia.in/index.php?
title=Liquidity_Adjustment_Facility_(LAF))(ILAF)inApril1999tominimisevolatilityinthemoneymarketby
ensuringthemovementofshortterminterestrateswithinareasonablerange.UndertheILAF,theBankRateacted
astherefinancerate(i.e.,therateatwhichtheliquiditywastobeinjected)andliquidityabsorptionwasdone
throughthefixedreversereporateannouncedonadaytodaybasis.Aninformalcorridorofthecallratethus
emergedwiththeBankRateastheceilingandthereversereporateasthefloorrate,therebyminimisingthe
volatilityinthemoneymarket.ILAFwasexpectedtopromotestabilityinmoneymarketactivitiesandensurethat
interestratesmovedwithinareasonablerange.

DuringthephaseofILAF,thestandinglendingfacilitiesforbanksincludedavarietyofratesforvarious
participantsfixedeitheratthebankrateor24%abovethebankrate(eg.ForbanksitwasCollateralisedLending
Facility(CLF),AdditionalCollateralisedlendingfacility(ACLF)andExportCreditRefinance(ECR)andfor
primarydealers(PDs),itwasLevelIandLevelIIliquiditysupport[3]).Thus,theentitlementandtherateatwhich
thesefacilitieswereavailableweredifferent.Therefore,thereweremultiplestandinglendingfacilitiesavailableat
multiplerates.Theserateswereadministeredinnature,andwererationalisedsubsequently.

ThetransitionfromILAFtoafullfledgedLAFbeganinJune2000andwasundertakeninthreestagesendingin
2004.WitheffectfromMarch29,2004,thereporategotunifiedtotheBankRateat6%,andwiththattheentire
quantumofECRandliquiditysupporttoPDswasmadeavailableatthereporate,therebycompletelydelinkingthe
standingfacilitiestobanksfromtheBankRate.Thus,thereporateemergedasthelendingrateoftheRBIforall
practicalpurposes.Asaresult,theimportanceoftheBankRateasamonetarypolicyinstrumentwaned.

Subsequently,theLAFschemewasrevised,takingintoaccounttherecommendationsoftheInternalGrouponLAF
andsuggestionsfrommarketparticipantsandexperts.Accordingly,the1dayreverserepowasphasedout,andin
itsplacethe7dayfixedratereverserepoonadailybasisandthe14dayvariableratereverserepoonafortnightly
basiswereintroducedinMarch2004.Repooperationwas,however,retainedonanovernightbasis.Also,therepo
ratewasscaleddownto6%andalignedwiththeBankRateundertherevisedLAFscheme.Accordingly,asingle
liquidityinjectionfacilityavailableatasingleratewasintroducedbymergingthenormalfacilityand
backstop/standingfacility(meansprovidinglastresortsupportintermsoffundsorsecurity).

Inordertorestoreflexibilityinliquiditymanagement,theRBIreintroducedthe1dayfixedratereverserepoin
August2004whilecontinuingwith7dayand14dayreversereposandovernightfixedraterepos.Eventually,in
ordertohavegreaterflexibilityinliquiditymanagement,the7dayfixedrateandthe14dayvariableratereverse
reposwerephasedoutandtheLAFwasoperatedthroughovernightfixedraterepoandreverserepoeffectivefrom
November1,2004.WitheffectfromOctober29,2004,thenomenclatureofrepoandreverserepowasinterchanged
asperinternationalusage.

WiththeintroductionofrevisedLAFin2004,ineffectfromNovember2004,allliquidityinjectionsaremadeatthe
fixedreporateandliquidityabsorptionatthefixedreversereporate,withthetworatesintendedtoactastheupper
andlowerboundofthecorridor,respectively.NowReporateistherateatwhichbanksborrowfundsfromthe
ReserveBankagainsteligiblecollateralsandthereversereporateistherateatwhichbanksplacetheirsurplus
fundswiththeRBIundertheliquidityadjustmentfacility(LAF).
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WiththeintroductionofLiquidityAdjustmentFacility(http://www.arthapedia.in/index.php?
title=Liquidity_Adjustment_Facility_(LAF))Repo/ReverseRepoRatedependinguponthestatusofunderlying
durableliquiditystartedfunctioningasthepolicyrate.Inasurplusliquiditycondition,thereversereporate
becomestheoperatingpolicyrate.Inadeficitliquiditysituation,thereporatebecomesthepolicyrate.On
introductionofLAF,discounting/rediscountingofbillsofexchangebytheReserveBankhasbeendiscontinued.As
aresult,theBankRatebecamedormantasaninstrumentofmonetarymanagement.Further,focuswasonde
riskingthefinancialsectorbyencouragingcollateralisedborrowings.Thesubstantialgrowthofthecollateralised
market(reposandCollateralisedBorrowingandLendingObligations(CBLOs)developedbyClearingCorporation
ofIndiaLtd.)visvistheuncollateralisedmarket(Callmoneymarket)reflectstheresultofthedeliberatepolicy
attempttomitigateriskinthewholesalefinancialmarketbyincreaseduseofcollateral(By2013shareof
uncollateralisedcallmoneymarkethadgonedownbelow15%).

TheReportoftheWorkingGrouponOperatingProcedureofMonetaryPolicy
(https://www.rbi.org.in/scripts/PublicationReportDetails.aspx?ID=631)(RBI,March15,2011Chairman:Shri
DeepakMohanty)firstrecommendedtheneedtohaveasinglepolicyrateratherthanhavingmultipleones.Italso
recommendedthereporateasthesinglepolicyrate.Further,itemphasizedthatthereporateshouldoperatewithin
acorridorsothattheovernightinterestratemovesaroundthereporateinanarrowinformalbound.

BasedontheGroupsrecommendations,intheMonetaryPolicyStatementof3May2011
(https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6376&Mode=0),itwasdecidedtomakethefollowing
changesintheextantoperatingproceduresofmonetarypolicy:

Theweightedaverageovernightcallmoneyratewillbetheoperatingtargetofmonetarypolicyofthe
ReserveBank.
Therewillhenceforthbeonlyoneindependentlyvaryingpolicyrateandthatwillbethereporate.The
transitiontoasingleindependentlyvaryingpolicyrateisexpectedtomoreaccuratelysignalthemonetary
policystance.
Thereversereporatewillcontinuetobeoperativebutitwillbepeggedatafixed100basispointsbelowthe
reporate.Hence,itwillnolongerbeanindependentrate.
AnewMarginalStandingFacility(MSF)willbeinstitutedfromwhichSCBscanborrowovernightuptoone
percentoftheirrespectiveNDTL.Therateofinterestonamountaccessedfromthisfacilitywillbe100basis
pointsabovethereporate.Bankswouldbefreefromtheobligationofseekingaspecificwaiverofdefaulton
SLRcompliance.Thisfacilityisexpectedtocontainvolatilityintheovernightinterbankmarket.
Aspertheabovescheme,therevisedcorridorwillhaveafixedwidthof200basispoints.Thereporatewill
beinthemiddle.Thereversereporatewillbe100basispointsbelowitandtheMSFrate100basispoints
aboveit.
Whilethewidthofthecorridorisfixedat200basispoints,theReserveBankwillhavetheflexibilityto
changethecorridor,shouldmonetaryconditionssowarrant.

ThenextmajorchangeinthepolicyratedeterminationhappenedinSeptember2014inordertoimplementkey
recommendationsoftheExpertCommitteetoReviseandStrengthentheMonetaryPolicyFramework
(https://rbi.org.in/Scripts/PublicationReportDetails.aspx?ID=743)(Chairman:Dr.UrjitRPatel,January2014).
Basedonthecommitteereport,itwasdecidedthatRBIwouldadoptinflationtargeting
(http://www.arthapedia.in/index.php?title=Inflation_Targeting_In_India)usingreporateasthepolicyrateandby
maintainingatightgripontheotherinterestratesparticularlythecallmoneymarketrates.

UrjitPatelCommittee,whilerecommendinginflationtargeting(http://www.arthapedia.in/index.php?
title=Inflation_Targeting_In_India)regimeforthecentralbankadvisedcontinuingwiththeoperatingframework
recommendedbythe2011WorkingGroupinabroadmanner.Inthefirstortransitionalphase,theweighted
averagecallratewillremaintheoperatingtarget,andtheovernightLAFreporatewillcontinueasthesinglepolicy
rate.ThereversereporateandtheMSFratewillbecalibratedoffthereporatewithaspreadof(+/)100basis
points,settingthecorridoraroundthereporate.ThereporatewillbedecidedbytheMonetaryPolicyCommittee
(http://www.arthapedia.in/index.php?title=Monetary_Policy_Committee_(MPC))(MPC)throughvoting.TheMPC
maychangethespread,whichhowevershouldbeasinfrequentaspossibletoavoidpolicyinduceduncertaintyfor
markets.ProvisionofliquiditybytheRBIattheovernightreporatewill,however,berestrictedtoaspecifiedratio
ofbankwisenetdemandandtimeliabilities(NDTL),thatisconsistentwiththeobjectiveofpricestability.Asthe
14daytermreporatestabilizes,centralbankliquidityshouldbeincreasinglyprovidedatthe14daytermreporate

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andthroughtheintroductionof28day,56dayand84dayvariablerateauctionedtermreposbyfurthercalibrating
theavailabilityofliquidityattheovernightreporateasnecessary.Theobjectiveshouldbetodevelopaspectrumof
termreposofvaryingmaturitieswiththe14daytermrepoastheanchor.

AspertheExpertCommitteeview,the14daytermreporateissuperiortotheovernightpolicyratesinceitallows
marketparticipantstoholdcentralbankliquidityforarelativelylongerperiod,therebyenablingthemtoon
lend/repotermmoneyintheinterbankmarketanddevelopmarketsegmentsandyieldsfortermtransactions.More
importantly,termreposcanweanawaymarketparticipantsfromthepassivedependenceontheRBIfor
cash/treasurymanagement.OvernightreposundertheLAFhaveeffectivelyconvertedthediscretionaryliquidity
facilityintoastandingfacilitythatcouldbeaccessedasthefirstresort,andprecludesthedevelopmentofmarkets
thatpriceandhedgerisk.Improvedtransmissionofmonetarypolicythusbecomestheprimeobjectiveforsetting
the14daytermreporateastheoperatingtargetinsteadoftheweightedaveragecallmoneyrates.

1."reverserepo"meansaninstrumentforlendingfundsbypurchasingsecuritiesoftheCentralGovernmentora
StateGovernmentorofsuchsecuritiesofalocalauthorityasmaybespecifiedinthisbehalfbytheCentral
Governmentorforeignsecurities,withanagreementtoresellthesaidsecuritiesonamutuallyagreedfuturedateat
anagreedpricewhichincludesinterestforthefundslent.

2.UnderSection49oftheReserveBankofIndiaAct,1934,theBankRatehasbeendefinedasthestandardrateat
whichtheReserveBankispreparedtobuyorrediscountbillsofexchangeorothercommercialpapereligiblefor
purchaseundertheAct.OnintroductionofLAF,discounting/rediscountingofbillsofexchangebytheReserve
Bankhasbeendiscontinued.Asaresult,theBankRatebecamedormantasaninstrumentofmonetarymanagement.
ItisnowalignedtoMarginalStandingFacility(http://www.arthapedia.in/index.php?
title=Marginal_Standing_Facility)(MSF)rateandisusedforcalculatingpenaltyondefaultinthecashreserveratio
(CRR)andthestatutoryliquidityratio(SLR).

3.WiththeintroductionofILAFinApril1999,thegeneralrefinancefacilityintroducedonApril26,1997,withthe
limitfixedat1%ofbanks'fortnightlyaverageoutstandingaggregatedepositsin199697waswithdrawnand
replacedbyacollateralisedlendingfacility(CLF)forscheduledcommercialbanks.TheentitlementunderCLFwas
fixedatupto0.25percentofthefortnightlyaverageoutstandingaggregatedepositsin199798fortwoweeksat
theBankRate.Additionalcollateralisedlendingfacility(ACLF)foranequivalentamountofCLFwasmade
availableattheBankRateplus2percent.CLFandACLFavailedforperiodsbeyondtwoweeksweresubjectedto
afurtherpenalrateof2percent(i.e.,BankRateplus4percent)foranadditionaltwoweekperiod.TheExport
CreditRefinance(ECR)facilityforscheduledcommercialbankswasprovidedattheBankRate.Liquiditysupport
toPrimaryDealers(PDs)againstcollateralofgovernmentsecuritiesbasedonbiddingcommitmentandother
parameterstermedasLevelIsupportwasgivenattheBankRatewitharepaymentperiodof90days.Additional
liquiditysupporttermedasLevelIIsupportattheBankRateplus2percentagainstcollateralofgovernment
securitieswasalsomadeavailableforaperiodnotexceedingtwoweeks.

AlsoSee
MarginalStandingFacility(MSF)(http://www.arthapedia.in/index.php?title=Marginal_Standing_Facility)
Statutoryliquidityratio(SLR)(http://www.arthapedia.in/index.php?title=Statutory_Liquidity_Ratio)
Cashreserveratio(CRR)(http://www.arthapedia.in/index.php?title=Cash_Reserve_Ratio_(CRR))
LiquidityAdjustmentFacility(LAF)(http://www.arthapedia.in/index.php?
title=Liquidity_Adjustment_Facility_(LAF))
BaseRate(http://arthapedia.in/index.php?title=Base_Rate)
MarketStabilizationScheme(MSS)(http://arthapedia.in/index.php?
title=Market_Stabilization_Scheme_(MSS))
BankRate(http://arthapedia.in/index.php?title=Bank_Rate)
InterestRateCorridor(http://arthapedia.in/index.php?title=Interest_rate_corridor)
RepoandReverseRepoRate(http://arthapedia.in/index.php?title=Repo_Rate_and_Reverse_Repo_Rate)
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MonetaryPolicyCommittee(http://www.arthapedia.in/index.php?
title=Monetary_Policy_Committee_(MPC))
InflationTargeting(http://www.arthapedia.in/index.php?title=Inflation_Targeting_In_India)
MonetaryPolicyFrameworkagreement(http://www.arthapedia.in/index.php?
title=Monetary_Policy_Framework_Agreement)

References
RBIAct,1934
ReportoftheWorkingGrouponOperatingProcedureofMonetaryPolicy
(https://www.rbi.org.in/scripts/PublicationReportDetails.aspx?ID=631)(RBI,March15,2011Chairman:
ShriDeepakMohanty)
ReportoftheExpertCommitteetoReviseandStrengthentheMonetaryPolicyFramework
(https://rbi.org.in/Scripts/PublicationReportDetails.aspx?ID=743)(Chairman:Dr.UrjitRPatel),RBI,21
January2014
April2016monetarypolicystatement(https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?
prid=36654)ofRBI
Repos:ConceptMechanicsandUses(https://www.rbi.org.in/scripts/PublicationReportDetails.aspx?
UrlPage=&ID=34),RBI,6August1999
Dr.GolakaCNath(2013):December.pdfRepoMarketATooltoManageLiquidityinFinancialInstitutions
(https://www.ccilindia.com/Research/CCILPublications/Lists/CCILPubRakshitra/Attachments/214/Rakshitra)
,CCILMonthlyNewsletter,ClearingCorporationofIndiaLtd(CCIL),December2013

Contributedby
Mr.AbhishekAnand(IES2014)(http://ies.gov.in/myaccountprofileview.php?memid=568)
Emaila.anad88@nic.in(mailto:a.anad88@nic.in)

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