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Date : Sep 15, 2014
Table 46 : Major Monetary Policy Rates and Reserve Requirements - Bank Rate, LAF (Repo - Reverse Repo) Rates, CRR & SLR

(Per cent)

Effective Date

Bank Rate

Fix Range LAF Rates

Marginal Standing Facility

Cash Reserve Ratio

Statutory Liquidity Ratio

Repo

Reverse

1

2

3

4

5

6

7

17-02-2001

7.50

-

-

-

-

-

24-02-2001

-

-

-

-

8.25

-

02-03-2001

7.00

-

-

-

-

-

10-03-2001

-

-

-

-

8.00

-

27-04-2001

-

9

6.75

-

-

-

30-04-2001

-

8.75

-

-

-

-

19-05-2001

-

-

-

-

7.50

-

28-05-2001

-

-

6.5

-

-

-

07-06-2001

-

8.5

-

-

-

-

23-10-2001

6.50

-

-

-

-

-

03-11-2001

-

-

-

-

5.75

-

29-12-2001

-

-

-

-

5.50

-

05-03-2002

-

-

6

-

-

-

28-03-2002

-

8

-

-

-

-

01-06-2002

-

-

-

-

5.00

-

27-06-2002

-

-

5.75

-

-

-

29-10-2002

6.25

-

5.5

-

-

-

12-11-2002

-

7.5

-

-

-

-

16-11-2002

-

-

-

-

4.75

-

03-03-2003

-

-

5

-

-

-

07-03-2003

-

7.1

-

-

-

-

19-03-2003

-

7

-

-

-

-

29-04-2003

6.00

-

-

-

-

-

14-06-2003

-

-

-

-

4.50

-

25-08-2003

-

-

4.5

-

-

-

31-03-2004

-

6

-

-

-

-

18-09-2004

-

-

-

-

4.75

-

02-10-2004

-

-

-

-

5.00

-

27-10-2004

-

-

4.75

-

-

-

29-04-2005

-

-

5

-

-

-

26-10-2005

-

6.25

5.25

-

-

-

24-01-2006

-

6.5

5.5

-

-

-

08-06-2006

-

6.75

5.75

-

-

-

25-07-2006

-

7

6

-

-

-

31-10-2006

-

7.25

-

-

-

-

23-12-2006

-

-

-

-

5.25

-

06-01-2007

-

-

-

-

5.50

-

31-01-2007

-

7.5

-

-

-

-

17-02-2007

-

-

-

-

5.75

-

03-03-2007

-

-

-

-

6.00

-

31-03-2007

-

7.75

-

-

-

-

14-04-2007

-

-

-

-

6.25

-

28-04-2007

-

-

-

-

6.50

-

04-08-2007

-

-

-

-

7.00

-

10-11-2007

-

-

-

-

7.50

-

26-04-2008

-

-

-

-

7.75

-

10-05-2008

-

-

-

-

8.00

-

24-05-2008

-

-

-

-

8.25

-

12-06-2008

-

8

-

-

-

-

25-06-2008

-

8.5

-

-

-

-

05-07-2008

-

-

-

-

8.50

-

19-07-2008

-

-

-

-

8.75

-

30-07-2008

-

9

-

-

-

-

30-08-2008

-

-

-

-

9.00

-

11-10-2008

-

-

-

-

6.50

-

20-10-2008

-

8

-

-

-

-

25-10-2008

-

-

-

-

6.00

-

03-11-2008

-

7.5

-

-

-

-

08-11-2008

-

-

-

-

5.50

24.00

08-12-2008

-

6.5

5

-

-

-

05-01-2009

-

5.5

4

-

-

-

17-01-2009

-

-

-

-

5.00

-

05-03-2009

-

5

3.5

-

-

-

21-04-2009

-

4.75

3.25

-

-

-

(Continued)


TABLE 46 : MAJOR MONETARY POLICY RATES AND RESERVE REQUIREMENTS - BANK RATE,
LAF (REPO, REVERSE REPO AND MSF) RATES, CRR & SLR- (Concld.)

(Per cent)

Effective Date

Bank Rate

Fix Range LAF Rates

Marginal Standing Facility

Cash Reserve Ratio

Statutory Liquidity Ratio

Repo

Reverse

1

2

3

4

5

6

7

07-11-2009

-

-

-

-

-

25.00

13-02-2010

-

-

-

-

5.50

-

27-02-2010

-

-

-

-

5.75

-

19-03-2010

-

5.00

3.50

-

-

-

20-04-2010

-

5.25

3.75

-

-

-

24-04-2010

-

-

-

-

6.00

-

02-07-2010

-

5.50

4.00

-

-

-

27-07-2010

-

5.75

4.50

-

-

-

16-09-2010

-

6.00

5.00

-

-

-

02-11-2010

-

6.25

5.25

-

-

-

18-12-2010

-

-

-

-

-

24.00

25-01-2011

-

6.50

5.50

-

-

-

17-03-2011

-

6.75

5.75

-

-

-

03-05-2011

-

7.25

6.25

8.25

-

-

16-06-2011

-

7.50

6.50

8.50

-

-

26-07-2011

-

8.00

7.00

9.00

-

-

16-09-2011

-

8.25

7.25

9.25

-

-

25-10-2011

-

8.50

7.50

9.50

-

-

28-01-2012

-

-

-

-

5.50

-

13-02-2012

9.50

-

-

-

-

-

10-03-2012

-

-

-

-

4.75

-

17-04-2012

9.00

8.00

7.00

9.00

-

-

11-08-2012

-

-

-

-

-

23.00

22-09-2012

-

-

-

-

4.50

-

03-11-2012

-

-

-

-

4.25

-

29-01-2013

8.75

7.75

6.75

8.75

-

-

09-02-2013

-

-

-

-

4.00

-

19-03-2013

8.50

7.50

6.50

8.50

-

-

03-05-2013

8.25

7.25

6.25

8.25

-

-

15-07-2013

10.25

-

-

10.25

-

-

20-09-2013

9.50

7.50

6.50

9.50

-

-

07-10-2013

9.00

-

-

9.00

-

-

29-10-2013

8.75

7.75

6.75

8.75

-

-

28-01-2014

9.00

8.00

7.00

9.00

-

-

14-06-2014

-

-

-

-

-

22.50

09-08-2014

-

-

-

-

-

22.00

Note : 1. - : Indicates No change.
2. Cash reserve ratio is as percentage of net demand and time liabilities (NDTL) as per Section 42(1) of the RBI Act, 1934. Statutory Liquidity Ratio is as percentage of net demand and time liabilities (NDTL) as per Section 24 of the Banking Regulation Act, 1949.
3. The Liquidity Adjustment Facility (LAF) system was operating on 'auction-based variable rate' during the period from April 27, 2001 to March 28, 2004, and moved to 'fixed rate' mode from March 29, 2004. .
4. Till October 24, 2004, nomenclature of Repo indicated absorption of liquidity and Reverse Repo meant injection of liquidity by the Reserve Bank. With effect from October 29, 2004 nomenclature of Repo and Reverse Repo has been interchanged as per international usage. The current nomenclature is followed in this Table.
5. Since May 3, 2011 the repo rate is the single independently varying policy rate. The reverse repo rate continues to be operative and is pegged at a fixed 100 basis points below the repo rate. It is no longer an independent rate.
6. The Marginal Standing Facility (MSF) was introduced from the fortnight beginning May 7, 2011. Under the MSF, scheduled commercial banks could borrow overnight up to one per cent of their respective NDTL below the prescribed SLR, at a rate determined with a spread of 100 basis points above the repo rate. The borrowing limit was raised to up to two per cent below the prescribed SLR on April 17, 2012. The spread of the MSF above the repo rate was increased to 300 basis points on July 15, 2013. The spread was narrowed to 200 basis points on September 20, 2013 and further to 150 basis points on October 7, 2013 before being restored to 100 basis points on October 29, 2013.


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