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Changes in Bank Rate

RBI/2013-14/315
Ref:DBOD.No.Ret.BC. 58/12.01.001/2013-14

October 07, 2013

All Scheduled Commercial Banks
& Local Area Banks

Dear Sir,

Bank Rate

As announced in the Press Release 2013-2014/728 dated October 07, 2013, the Bank Rate stands adjusted by 50 basis points from 9.5 per cent to 9.0 per cent with effect from October 07, 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

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Annex

Penal Interest Rates which are linked to the Bank Rate

Item

Existing Rate

Revised Rate
(Effective from October 07, 2013)

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

Bank Rate plus 3.0 percentage points (12.50 per cent) or Bank Rate plus 5.0 percentage points (14.50 per cent).

Bank Rate plus 3.0 percentage points (12.00 per cent) or Bank Rate plus 5.0 percentage points (14.00 per cent).

Tags: Bank RateBasis pointBusinessFinancial servicesInterest ratePercentagePercentage pointReserve requirement

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