RBI/2013-14/348
RPCD.CO.RRB.RCB.BC.No.50/03.05.33/2013-14
October 30, 2013
The Chairmen/Chief Executive Officers,
All Regional Rural Banks / State and Central Co-operative Banks
Dear Sir/Madam,
Bank Rate
Please refer to our circular RPCD.CO.RRB.RCB.BC.No.44/03.05.33/2013-14 dated October 8, 2013 on the captioned subject.
2. As announced in the Second Quarter Review of Monetary Policy 2013-14 dated October 29, 2013, the Bank Rate stands adjusted by 25 basis points from 9.0 per cent to 8.75 per cent with effect from October 29, 2013.
3. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in Annex.
4. Please acknowledge receipt to our Regional Office concerned.
Yours faithfully
(Madhavi Sharma)
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 29, 2013) |
Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls). |
Bank Rate plus 3.0 percentage points (12.00 per cent) or Bank Rate plus 5.0 percentage points (14.00 per cent). |
Bank Rate plus 3.0 percentage points (11.75 per cent) or Bank Rate plus 5.0 percentage points (13.75 per cent). |
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