image

RBI Circular on changes in Bank Rate

RBI/2013-14/138
Ref : DBOD.No.Ret.BC. 31/12.01.001/2013-14

July 15, 2013

All Scheduled Commercial Banks
& Local Area Banks

Dear Sir,

Bank Rate

As announced in the Press Release 2013-2014/100 dated July 15, 2013, the Bank Rate stands adjusted by 200 basis points from 8.25 per cent to 10.25 per cent with effect from July 15, 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

(Sudha Damodar)
Chief General Manager

Encl: as above


Annex

Penal Interest Rates which are linked to the Bank Rate

Item

Existing Rate

Revised Rate
(Effective from July 15, 2013)

Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).

Bank Rate plus 3.0 percentage points (11.25 per cent) or Bank Rate plus 5.0 percentage points (13.25 per cent).

Bank Rate plus 3.0 percentage points (13.25 per cent) or Bank Rate plus 5.0 percentage points (15.25 per cent).

Tags: Bank RateBasis pointInterest rateJuly 15 2013PercentageRepurchase agreementReserve Bank of IndiaRun batted in

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates