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Change in Bank Rate

RBI/2017-18/34
DBR.No.Ret.BC.82/12.01.001/2017-18

August 02, 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.58/12.01.001/2016-17 dated April 06, 2017 on the captioned subject.

2. As announced in the Third Bi-Monthly Monetary Policy Statement 2017-18 dated August 02, 2017, the Bank Rate stands adjusted by 25 basis points from 6.50 per cent to 6.25 per cent with effect from August 02, 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

(Dr.S K Kar) 
Chief General Manager

Encl. : As above


Annex

Penal Interest Rates which are linked to the Bank Rate

Item

Existing Rate

Revised Rate
(Effective from August 02, 2017)

Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).

Bank Rate plus 3.0 percentage points (9.50 per cent) or Bank Rate plus 5.0 percentage points (11.50 per cent).

Bank Rate plus 3.0 percentage points (9.25 per cent) or Bank Rate plus 5.0 percentage points (11.25 per cent).

 

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