Penal interest rates on shortfall in reserve requirements which are linked to the Bank Rate stand revised

UBD.BPD.(PCB).Cir.No. 32/16.11.00/2011-12

April 26, 2012

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.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.

Yours faithfully,

Chief General Manager-in-Charge

Encl: as above

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