Change in Bank Rate
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RBI/2019-20/77
DBR.No.Ret.BC.19/12.01.001/2019-20
October 04, 2019
The Chairperson / CEOs of all Scheduled and Non Scheduled Banks
Dear Sir / Madam
Change in Bank Rate
Please refer to our circular DBR.No.Ret.BC.10/12.01.001/2019-20 dated August 07, 2019, on the captioned subject.
2. As announced in the Fourth Bi-Monthly Monetary Policy Statement 2019-20 of October 04, 2019, the Bank Rate is revised downwards by 25 basis points from 5.65 per cent to 5.40 per cent with immediate effect.
3. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in the Annex.
Yours faithfully,
(Dr.S.K.Kar)
Chief General Manager
Encl. : As above
Annex
Penal Interest Rates which are linked to the Bank Rate
| Item | Existing Rate | Revised Rate (With immediate effect) |
| Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls). | Bank Rate plus 3.0 percentage points (8.65 per cent) or Bank Rate plus 5.0 percentage points (10.65 per cent). | Bank Rate plus 3.0 percentage points (8.40 per cent) or Bank Rate plus 5.0 percentage points (10.40 per cent). |
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