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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
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Item
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Existing
Rate
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Revised
Rate
(Effective from August 02, 2017)
|
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Penal interest rates on
shortfalls in reserve requirements (depending on duration of shortfalls).
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Bank Rate plus 3.0 percentage
points (9.50 per cent) or Bank Rate plus 5.0 percentage points (11.50 per
cent).
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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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