Asia-Pacific

Reserve Bank of India

Sounds hawkish lately +0.11

Speeches: 996
First speech: Dec 28, 1996
Latest speech: Jun 1, 2026
Tone vs coming rate moves: +0.27; rank correlation

Does the tone run ahead of the rate?

Speech tone over the previous three months, and the policy rate at the end of each month, on the same timeline. Hover over either chart to read the same month in both.

Speech tone

Policy rate

Latest speeches

Each speech's tone is the average over its sentences about policy, prices, rates or the economy. Open a speech to read it in full.

Date	Speech	Tone
Jun 1, 2026	Swaminathan J: Resilience by design - lessons from India's banking sector Shri Swaminathan J	+0.13
May 12, 2026	Sanjay Malhotra: Monetary policy in a time of heightened uncertainty Sanjay Malhotra	+0.13
May 5, 2026	Poonam Gupta: Inflation targeting in India - the past, the present and the future Poonam Gupta	+0.13
May 1, 2026	Sanjay Malhotra: Indian financial markets - resilience and resurgence Sanjay Malhotra	+0.16
Apr 30, 2026	Swaminathan J: Learning, judgement and public purpose- lessons from banking Shri Swaminathan J	−0.01
Apr 18, 2026	Sanjay Malhotra: Reserve Bank of India's role in India's growth and navigating global challenges Sanjay Malhotra	+0.07
Apr 11, 2026	Swaminathan J: AI in finance – what can change, what must never change Shri Swaminathan J	+0.11
Apr 11, 2026	Poonam Gupta: Prosperous states for a prosperous India Poonam Gupta	+0.14
Mar 6, 2026	Swaminathan J: Digitalisation for inclusive finance and sustainability - priorities for the next phase Shri Swaminathan J	–
Feb 27, 2026	Swaminathan J: Good finance, good leadership - on the road to Viksit Bharat@2047 Shri Swaminathan J	+0.10
Feb 20, 2026	Poonam Gupta: Perspectives on India's growth - last four decades to the present Poonam Gupta	+0.06
Feb 11, 2026	Swaminathan J: Values in action - the making of a strong institution Shri Swaminathan J	+0.10
Jan 9, 2026	Swaminathan J: Issues and challenges in banking supervision in the digital era Shri Swaminathan J	+0.10
Jan 9, 2026	Shirish Chandra Murmu: Regulation in the digital era - issues, opportunities and challenges Shirish Chandra Murmu	−0.03
Dec 1, 2025	T Rabi Sankar: Stablecoins - do they have a role in the financial system T Rabi Sankar	−0.12
Nov 28, 2025	Swaminathan J: Reading the pitch - banking strategies for a long innings Shri Swaminathan J	+0.07
Nov 26, 2025	Poonam Gupta: Timely and topical statistics for agile policy making Poonam Gupta	+0.12
Nov 20, 2025	Sanjay Malhotra: Regulation by Reserve Bank of India - some reflections Sanjay Malhotra	−0.19
Nov 14, 2025	Shirish Chandra Murmu: Central bank accounting practices - the Reserve Bank of India and global approaches Shirish Chandra Murmu	+0.05
Nov 14, 2025	Swaminathan J: Micro matters, macro momentum - microfinance for Viksit Bharat Shri Swaminathan J	+0.25
Nov 7, 2025	T Rabi Sankar: Transformational technologies and banking - key issues T Rabi Sankar	+0.04
Nov 7, 2025	Swaminathan J: Where governance intent is strong, regulatory gaps and overlaps fade Shri Swaminathan J	–
Oct 8, 2025	Sanjay Malhotra: Driving inclusive and sustainable growth through digital public infrastructure and FinTech Sanjay Malhotra	+0.16
Oct 7, 2025	T Rabi Sankar: Responsible Artificial Intelligence (AI) – balancing innovation with financial stability T Rabi Sankar	−0.07
Oct 6, 2025	Swaminathan J: Inclusion is innovation's highest purpose - lessons from India Shri Swaminathan J	+0.05
Sep 16, 2025	Rajeshwar Rao: Balancing innovation and prudence - AI's role in India's financial future Rajeshwar Rao	+0.08
Sep 12, 2025	Swaminathan J: Transforming public sector banks for a Viksit Bharat Shri Swaminathan J	+0.18
Aug 25, 2025	Sanjay Malhotra: Inaugural address - "FIBAC 2025" Sanjay Malhotra	+0.10
Aug 18, 2025	Rajeshwar Rao: Rethinking regulations in an interconnected financial system Rajeshwar Rao	+0.04
Aug 5, 2025	Rajeshwar Rao: Catalysing sustainable and green infrastructure financing for achieving net zero Rajeshwar Rao	−0.42
Jul 11, 2025	Swaminathan J: Working together, growing stronger - responsible governance for a resilient Urban Cooperative Bank sector Shri Swaminathan J	+0.14
Jul 1, 2025	Rajeshwar Rao: Bridging the credit gap - the evolution of India's credit reporting infrastructure Rajeshwar Rao	+0.21
Jun 23, 2025	Sanjay Malhotra: Convocation address - Indian Institute of Technology Sanjay Malhotra	−0.00
Jun 9, 2025	Rajeshwar Rao: Moving the boundaries of financial inclusion - a regulatory perspective Rajeshwar Rao	−0.18
Apr 25, 2025	Sanjay Malhotra: India - a partner in progress and prosperity Sanjay Malhotra	+0.13
Apr 18, 2025	Sanjay Malhotra: Welcome address - 24th FIMMDA-PDAI Annual Conference Sanjay Malhotra	+0.05
Apr 17, 2025	Rajeshwar Rao: Building a robust ecosystem for green and sustainable finance in India Rajeshwar Rao	−0.09
Apr 1, 2025	Sanjay Malhotra: Welcome address - 90th anniversary of the Reserve Bank of India Sanjay Malhotra	+0.17
Mar 28, 2025	Swaminathan J: Shared vision, shared responsibility – strenghtening NBFCs Shri Swaminathan J	+0.10
Mar 26, 2025	Sanjay Malhotra: Address - Private Sector Collaborative Forum of the Financial Action Task Force Sanjay Malhotra	−0.05
Mar 17, 2025	Sanjay Malhotra: Transforming grievance redress – the AI advantage Sanjay Malhotra	+0.39
Mar 13, 2025	Sanjay Malhotra: Climate change risks and finance Sanjay Malhotra	–
Mar 10, 2025	Sanjay Malhotra: Digital payments - background and benefits Sanjay Malhotra	+0.08
Feb 21, 2025	Rajeshwar Rao: Inaugural address - Second Annual Conference on Macroeconomics, Banking and Finance Rajeshwar Rao	−0.21
Jan 17, 2025	Rajeshwar Rao: Challenges in liability management - maintaining the balance Rajeshwar Rao	+0.01
Dec 14, 2024	Michael Debabrata Patra: New frontiers in economic research Michael Debabrata Patra	−0.07
Dec 7, 2024	Rajeshwar Rao: Strengthening the Insolvency and Bankruptcy Code (IBC) framework for effective resolution Rajeshwar Rao	+0.06
Nov 30, 2024	Swaminathan J: Catalysing inclusive growth - strengthening partnerships for reaching the last mile Shri Swaminathan J	+0.05
Nov 29, 2024	Rajeshwar Rao: Mitigating climate change risks and fostering a robust ecosystem for sustainable finance Rajeshwar Rao	−0.19
Nov 22, 2024	Swaminathan J: Supervision amidst emerging risks Shri Swaminathan J	−0.44
Nov 21, 2024	Shaktikanta Das: Balancing inflation and growth - the cardinal principle of monetary policy Shaktikanta Das	+0.18
Nov 21, 2024	Michael Debabrata Patra: Communicating monetary policy Michael Debabrata Patra	−0.04
Nov 13, 2024	Michael Debabrata Patra: Unlocking new growth frontiers in the digital age Michael Debabrata Patra	−0.03
Oct 25, 2024	Shaktikanta Das: Remarks - Macro Week 2024 Shaktikanta Das	+0.23
Oct 21, 2024	Michael Debabrata Patra: Recalibrating from divergence to convergence - the Indian experience Michael Debabrata Patra	+0.07
Oct 14, 2024	Shaktikanta Das: Central banking at crossroads Shaktikanta Das	−0.04
Oct 14, 2024	Michael Debabrata Patra: Assessing inflation targeting Michael Debabrata Patra	−0.06
Oct 14, 2024	Swaminathan J: Central banks and financial stability Shri Swaminathan J	+0.03
Sep 27, 2024	Swaminathan J: Governance in Small Finance Banks - driving sustainable growth and stability Shri Swaminathan J	+0.18
Sep 24, 2024	Shaktikanta Das: Central banking in the 21st century - changing paradigm Shaktikanta Das	+0.03

Next: Across all central banksHow tone lines up with rate moves at every bank tested, and whether it predicts them.