RBI/2016-17/270
DBR.No.Ret.BC.58/12.01.001/2016-17
April
06, 2017
The Chairperson / CEOs of all
Scheduled and Non Scheduled Banks
Dear Sir / Madam,
Change
in Bank Rate
Please refer to our circular
DBR.No.Ret.BC.19/12.01.001/2016-17 dated October 04, 2016 on the
captioned subject.
2. As announced in the First
Bi-Monthly Monetary Policy Statement 2017-18 dated April 06, 2017, the Bank
Rate stands adjusted by 25 basis points from 6.75 per cent to 6.50 per cent
with effect from April 06, 2017.
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,
(Saurav Sinha)
Chief General Manager
Encl. : As above
Annex
Penal
Interest Rates which are linked to the Bank Rate
Item
|
Existing
Rate
|
Revised
Rate
(Effective from April 06, 2017)
|
Penal interest rates on
shortfalls in reserve requirements (depending on duration of shortfalls).
|
Bank Rate plus 3.0 percentage
points (9.75 per cent) or Bank Rate plus 5.0 percentage points (11.75 per
cent).
|
Bank Rate plus 3.0 percentage
points (9.50 per cent) or Bank Rate plus 5.0 percentage points (11.50 per
cent).
|
|