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Change in Bank Rate

RBI/2022-23/103
DOR.RET.REC.59/12.01.001/2022-23

August 05, 2022

All Banks

Madam/Sir,

Change in Bank Rate

Please refer to our circular DOR.RET.REC.44/12.01.001/2022-23 dated June 08, 2022 on the captioned subject.

2. As announced in the Monetary Policy Statement 2022-23 dated August 05, 2022, the Bank Rate is revised upwards by 50 basis points from 5.15 per cent to 5.65 per cent with immediate effect.

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.

Yours faithfully,

(Prakash Baliarsingh)
Chief General Manager

Encl.: As above


Annex

Penal Interest Rates which are linked to the Bank Rate

Item Existing Rate Revised Rate
(With immediate effect)
Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls). Bank Rate plus 3.0 percentage points (8.15 per cent) or Bank Rate plus 5.0 percentage points (10.15 per cent). Bank Rate plus 3.0 percentage points (8.65 per cent) or Bank Rate plus 5.0 percentage points (10.65 per cent).

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