RBI/2013-14/315
Ref:DBOD.No.Ret.BC. 58/12.01.001/2013-14
October 07, 2013
All Scheduled Commercial Banks
& Local Area Banks
Dear Sir,
Bank Rate
As announced in the Press Release 2013-2014/728 dated October 07, 2013, the Bank Rate stands adjusted by 50 basis points from 9.5 per cent to 9.0 per cent with effect from October 07, 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
Annex
Penal Interest Rates which are linked to the Bank Rate
Item |
Existing Rate |
Revised Rate
(Effective from October 07, 2013) |
Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls). |
Bank Rate plus 3.0 percentage points (12.50 per cent) or Bank Rate plus 5.0 percentage points (14.50 per cent). |
Bank Rate plus 3.0 percentage points (12.00 per cent) or Bank Rate plus 5.0 percentage points (14.00 per cent). |
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