RBI Governor Sanjay Malhotra will announce the decision of the six-member MPC at 10:00 a.m.
All economists polled by Bloomberg expect the MPC to cut the rate, at least by 25 basis points.
The Reserve Bank of India is expected to cut the benchmark lending rate in April, even as it continues to frontload liquidity to ensure rate transmission.
Key areas of the decision at the MPC meet include interest rates, inflation and growth outlook.