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Revision in Bank Rate

RBI/2013-14/139
UBD BPD (PCB) Cir. No.1/16.11.00/2013-14

July 15, 2013

The Chief Executive Officer
All Primary (Urban) Co-operative Banks

Madam / Dear Sir,

Revision in Bank Rate

Please refer to our circular UBD BPD (PCB) Cir. No.48-16.11.00-2012-13 dated May 03, 2013 on the captioned subject.  As announced in the Press Release 2013-2014/100 dated July 15, 2013, the Bank Rate stands revised 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 the Annex. The interest rate on refinance for SSI under Section 17(2)(bb) read with Section 17(4)(c) of the Reserve Bank of India Act, 1934, also stands revised to 10.25 per cent with effect from July 15, 2013.

3. Please acknowledge receipt to the Regional Office concerned.

Yours faithfully,

(A.K. Bera)
Principal 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 pointIndiaInterest rateJuly 15 2013PercentagePrincipal Chiefs of the CherokeeReserve Bank of India

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