RBI/2014-15/486
DBR.No.Ret.BC.73/12.01.001/2014-15
March 04, 2015
All Scheduled Commercial Banks,
Local Area Banks and RRBs
Dear Sir,
Change in Bank Rate
Please refer to circular DBR.No.Ret.BC.61/12.01.001/2014-15 dated January 15, 2015 on the captioned subject.
2. As announced in the Press Release 2014-2015/1847 dated March 04, 2015, the Bank Rate stands adjusted by 25 basis points from 8.75 per cent to 8.50 per cent with effect from March 04, 2015.
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.
4. Please acknowledge receipt.
Yours faithfully
(Sudha Damodar)
Chief General Manager
Encl: as above
Annex
Penal Interest Rates which are linked to the Bank Rate
| Item |
Existing Rate |
Revised Rate
(Effective from March 04, 2015) |
| Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls). |
Bank Rate plus 3.0 percentage points (11.75 per cent) or Bank Rate plus 5.0 percentage points (13.75 per cent). |
Bank Rate plus 3.0 percentage points (11.50 per cent) or Bank Rate plus 5.0 percentage points (13.50 per cent). |
|
|