New Delhi, Oct. 22 -- Emkay Global Financial Services expects the Reserve Bank of India (RBI) to raise interest rates by another 50 basis points by February 2027, citing rising inflationary pressures and tighter global financial conditions.

In its analysis of the minutes of the RBI's October Monetary Policy Committee (MPC) meeting, Emkay forecast a 25-basis-point hike each in December 2026 and February 2027. This would take the total rate increase in the current cycle to 75 basis points.

The report said the MPC minutes supported further gradual rate hikes but indicated that a significant extension of the tightening cycle remained unlikely without stronger evidence of persistent inflation.

Emkay identified the spread of inflation across...