January
02, 2009
To
All Scheduled Commercial Banks
(excluding Regional
Rural Banks)
Dear Sir/Madam,
Interest Rate on Special Refinance
Facility (SRF) under Section 17(3B) of the Reserve Bank of India Act, 1934
As
announced in the Reserve Bank’s Press
Release:2008-09/1023 of January 02, 2009, the fixed repo rate under the Liquidity
Adjustment Facility (LAF) has been reduced by 100 basis points from 6.5 per cent
to 5.5 per cent with immediate effect.
2. Accordingly,
the special refinance facility (SRF) provided to scheduled commercial banks (excluding
Regional Rural Banks) by the Reserve Bank under Section 17(3B) of the Reserve
Bank of India Act, 1934 introduced vide the circular
Ref.No.MPD.BC.309 /02.01.009/2008-09 dated November 3, 2008 would be available
at the repo rate, i.e., at 5.5 per cent with effect from January 03,
2009.
Yours faithfully,
(Janak
Raj)
Adviser-in-Charge