Bank Rate
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RBI/2012-13/488
DBOD.No.Ret.BC.91 /12.01.001/2012-13
May 3, 2013
All Scheduled Commercial Banks
& Local Area Banks
Dear Sir,
Bank Rate
As announced in the Annual Monetary Policy Statement 2013-14, the Bank Rate stands adjusted by 25 basis points from 8.50 per cent to 8.25 per cent with effect from May 3, 2013.
2. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in Annex.
3. Please acknowledge receipt.
Yours faithfully
(Sudha Damodar)
Chief General Manager
Encl: as above
Penal Interest Rates which are linked to the Bank Rate
|
Item |
Existing Rate |
Revised Rate |
|
Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls). |
Bank Rate plus 3.0 percentage points (11.50 per cent) or Bank Rate plus 5.0 percentage points (13.50 per cent). |
Bank Rate plus 3.0 percentage points (11.25 per cent) or Bank Rate plus 5.0 percentage points (13.25 per cent). |
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