RBI/2004-05/414
RPCD. Plan. BC. 91 /04.09.42/2004-05
April 7, 2005
The Chairman / Managing Director/ Chief Executive
Officer
(All Domestic Scheduled Commercial Banks)
Dear Sir/ Madam,
Rural Infrastructure Development
Fund (RIDF) – Rates of Interest in respect of disbursed amounts of RIDF IV to
VII
Please refer to our circular No.
RPCD. Plan. BC. 43/ 04.09.41/ 2003-04 dated November 4, 2003 communicating the
revised interest rates on deposits and advances in respect of undisbursed amounts
under RIDF-IV to IX with effect from November 1, 2003.
It has been decided, with the approval
of the Government of India, to restructure the lending and deposit rates in
respect of the amounts disbursed on or before October 31, 2003 out of RIDF IV
to VII with effect from April 16, 2005. The revised rates would be as under:
|
RIDF
|
Deposit rates payable to banks
(per cent per annum)
|
| |
Existing
|
Revised
|
|
IV
|
11.5
|
8.0
|
|
V
|
11.5
|
8.0
|
|
VI
|
11.0
|
8.0
|
|
VII
|
Interest rate linked to shortfall
in agricultural lending (varying between 10 and 7 per cent)
|
7.5
|
3. Please acknowledge receipt.
Yours faithfully,
(C.S. Murthy)
Chief General Manager-in-Charge
|