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Revision in Bank Rate

RBI/2013-14/346
UBD.BPD.(PCB).Cir. No. 33 /16.11.00/2013-14

October 29, 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.28/16.11.00/2013-14 dated October 7, 2013 on the captioned subject.

2. As announced in the Second Quarter Review of Monetary Policy Statement for 2013-14 dated October 29, 2013, the Bank Rate stands adjusted by 25 basis points from 9.0 per cent to 8.75 per cent with effect from October 29, 2013.

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. 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 8.75 per cent with effect from October 29, 2013

Yours faithfully,

(A.K.Bera)
Principal Chief General Manager

Encl: Annex

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Annex

Penal Interest Rates which are linked to the Bank Rate

Item

Existing Rate

Revised Rate
(Effective from October 29, 2013)

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

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

Bank Rate plus 3.0 percentage points (11.75 per cent) or Bank Rate plus 5.0 percentage points (13.75 per cent).

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