August 02, 2017
The Chairperson / CEOs of all Scheduled and Non Scheduled Banks
Dear Sir / Madam,
Change in Bank Rate
Please refer to our circular DBR.No.Ret.BC.58/12.01.001/2016-17 dated April 06, 2017 on the captioned subject.
2. As announced in the Third Bi-Monthly Monetary Policy Statement 2017-18 dated August 02, 2017, the Bank Rate stands adjusted by 25 basis points from 6.50 per cent to 6.25 per cent with effect from August 02, 2017.
3. 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.
(Dr.S K Kar)
Chief General Manager
Encl. : As above
Penal Interest Rates which are linked to the Bank Rate
|Item||Existing Rate||Revised Rate
(Effective from August 02, 2017)
|Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).||Bank Rate plus 3.0 percentage points (9.50 per cent) or Bank Rate plus 5.0 percentage points (11.50 per cent).||Bank Rate plus 3.0 percentage points (9.25 per cent) or Bank Rate plus 5.0 percentage points (11.25 per cent).|