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Change in Bank Rate

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

Existing Rate

Revised Rate
(Effective from October 04, 2016)

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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