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RRBs – Bank Rate increased

RBI/2013-14/146
RPCD.CO.RRB.RCB.BC. No.13/03.05.33/2013-14

July 15 , 2013

The Chairmen/Chief Executive Officers,
All Regional Rural Banks / State and Central Co-operative Banks

Dear Sir/Madam,

Bank Rate

As announced in the Press Release 2013-14/100 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 to our Regional Office concerned.

Yours faithfully

(A.Udgata)
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 pointCentral bankInterestJuly 15 2013PercentageRegional Rural BankReserve requirement

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