RBI/2014-15/407
DCBR.BPD.(PCB/RCB).Cir.No.12/16.11.00/2014-15
January 15, 2015
The Chief Executive Officer
All Primary (Urban) Co-operative Banks/
State and Central Co-operative Banks (StCBs/ CCBs)
Madam / Dear Sir,
Revision in Bank Rate
Please refer to our circular UBD.BPD.(PCB).Cir.No.46/16.11.00/2013-14 dated January 28, 2014 and RPCD.CO.RRB.RCB.BC.No.82/03.05.33/2013-14 dated January 29, 2014 on the captioned subject.
2. As announced in the Monetary Policy Statement dated January 15, 2015, the Bank Rate stands adjusted by 25 basis points from 9.0 per cent to 8.75 per cent with effect from January 15, 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. 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 January 15, 2015.
Yours faithfully,
(Suma Varma)
Principal Chief General Manager
Annex
Penal Interest Rates which are linked to the Bank Rate
| Item |
Existing Rate |
Revised Rate (Effective from January 15, 2015) |
| 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) |
|
|