RBI More Focussed on Growth Right Now: Dhiraj Relli

In a conversation with Moneycontrol on December 5th, 2025, Mr. Dhiraj Relli, MD & CEO,  HDFC Securities, discussed expectations around potential rate cut by the Reserve Bank of India (RBI) in its upcoming monetary policy meeting. 

When asked by Moneycontrol whether he would be expecting a rate cut by the RBI on Friday or if it would be better to save it for another day, Mr. Relli noted that he believed the RBI had done a commendable job in terms of infusing liquidity and frontloading the rate cuts. He highlighted that there had been a 100-basis point rate cut along with a steep reduction in the Cash Reserve Ratio (CRR), which together infused almost 5.6 lakh crore of liquidity into the market. 

Mr. Relli added that it seemed the RBI and the Monetary Policy Committee (MPC) are more focused on growth. As a result, they are likely to ignore the inflation numbers and proceed with a 25-basis point rate cut. He stated that he was in that camp and also expected a 25 basis point rate cut by the Federal Reserve. He added that data suggested an 87% probability of a rate cut. 

He further added that, except for Japan, where there were some hawkish comments from the central bank, most other central banks are expected to adopt a more dovish stance going forward.