Notifications

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Bank Rate

RBI/2012-13/491
UBD.BPD.(PCB).Cir. No. 48 /16.11.00/2012-13

May 3, 2013

The Chief Executive Officer
All Primary (Urban) Co-operative Banks

Madam/Dear Sir,

Bank Rate

Please refer to our circular UBD.BPD.(PCB).Cir.No.44/16.11.00/2012-13   dated March 19, 2013 on the captioned subject.  As announced in the Monetary Policy Statement for 2013-14, the Bank Rate stands adjusted by 25 basis points from 8.50 per cent to 8.25 per cent with effect from May 3, 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 the Annex. The interest rate on refinance for SSI under Section 17(2)(bb) read with Section 17(4)(c) of the Reserve Bank of India  Act, 1934 also stands revised  to 8.25 per cent with effect from May 3, 2013.

3. Please acknowledge receipt to the Regional Office concerned.

Yours faithfully,

(A. K. Bera)
Principal Chief General Manager

Encl: As above.


Annex

Penal Interest Rates which are linked to the Bank Rate

Item

Existing Rate

Revised Rate
(Effective from May 3, 2013)

Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).

Bank Rate plus 3.0 percentage points (11.50 per cent) or Bank Rate plus 5.0 percentage points (13.50 per cent).

Bank Rate plus 3.0 percentage points (11.25 per cent) or Bank Rate plus 5.0 percentage points (13.25 per cent).


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