RBI/2014-15/406
DBR.No.Ret.BC.61/12.01.001/2014-15
January 15, 2015
All Scheduled Commercial Banks,
Local Area Banks and RRBs
Dear Sir,
Change in Bank Rate
Please refer to circulars DBOD.No.Ret.BC.88/12.01.001/2013-14 dated January 28, 2014 and RPCD.CO.RRB.RCB.BC.No.82/03.05.33/2013-14 dated January 29, 2014 on the captioned subject.
2. As announced in the Press Release 2014-2015/1486 dated January 15, 2015, the Bank Rate stands adjusted by 25 basis points from 9.0 per cent to 8.75 per cent with effect from January 15, 2015.
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.
4. 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 January 15, 2015) |
| 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). |
|
|