March 19, 2013
All Scheduled Commercial Banks
& Local Area Banks
As announced in the Mid-Quarter Review of Monetary Policy 2012-13, the Bank Rate stands adjusted by 25 basis points from 8.75 per cent to 8.50 per cent with effect from March 19, 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.
Chief General Manager
Encl: as above
Penal Interest Rates which are linked to the Bank Rate
|Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).||Bank Rate plus 3.0 percentage points (11.75 per cent) or Bank Rate plus 5.0 percentage points (13.75 per cent).||Bank Rate plus 3.0 percentage points (11.50 per cent) or Bank Rate plus 5.0 percentage points (13.50 per cent).|