April 26, 2012
The Chief Executive Officer
All Primary (Urban) Co-operative Banks
Please refer to our circular UBD.BPD.(PCB).Cir.No.26/16.11.00/2011-12 dated March 7, 2012 on the captioned subject. As announced in the Monetary Policy Statement 2012-13, the Bank Rate stands adjusted by 50 basis points from 9.50 per cent to 9.00 per cent with effect from April 17, 2012.
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.
Chief General Manager-in-Charge
Encl: as above