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RBI circulars to State Co-op Banks on latest Bank Rates

RBI/2012-13/407
RPCD.CO.RRB.RCB.BC. No.62/03.05.33/2012-13

January 29, 2013

The Chairmen/Chief Executive Officers,

All Regional Rural Banks / State and Central Co-operative Banks

Dear Sir,

Bank Rate

As announced in the Third Quarter Review of Monetary Policy 2012-13, the Bank Rate stands adjusted by 25 basis points from 9.00 per cent to 8.75 per cent with effect from January 29, 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 Annex.

3. Please acknowledge receipt.

Yours faithfully

(C. D. Srinivasan)
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 29, 2013)

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).

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