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RBI/2016-17/74
DBR.No.Ret.BC.19/12.01.001/2016-17
October
04, 2016
The Chairperson / CEOs of all
Scheduled and Non-Scheduled Banks,
Dear Sir,
Change in Bank Rate
Please refer to circular DBR.No.Ret.BC.90/12.01.001/2015-16 dated April
05, 2016 on the captioned subject.
2. As announced in the Fourth Bi-Monthly Monetary Policy Statement 2016-17
dated October 04, 2016, the Bank Rate stands adjusted by 25 basis
points from 7.00 per cent to 6.75 per cent with effect from October 04,
2016.
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,
(S.S. Barik)
Chief General Manager-In-Charge
Encl: As above.
Annex
Penal
Interest Rates which are linked to the Bank Rate
|
Item
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Existing
Rate
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Revised
Rate
(Effective from October 04, 2016)
|
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Penal interest rates on
shortfalls in reserve requirements (depending on duration on shortfalls).
|
Bank Rate plus 3.0 percentage
points (10.00 per cent) or Bank Rate plus 5.0 percentage points (12.00
per cent)
|
Bank Rate plus 3.0 percentage
points (9.75 per cent) or Bank Rate plus 5.0 percentage points (11.75 per
cent)
|
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