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Notifications & Circulars

Bank Rate
Notice Date : 29 January 2013

 

RBI/2012-13/402
Ref:DBOD.No.Ret.BC. 77/12.01.001/2012-13

January 29, 2013

 

All Scheduled Commercial Banks
& Local Area Banks

Dear Sir,

 

Bank Rate

As announced in the Third Quarter Review of Monetary Policy 2012-13, the Bank Rate stands adjusted by 25 basis points from 9.00 per cent to 8.75 per cent with effect from January 29, 2013.

 

2. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in Annex.

 

3. Please acknowledge receipt.

 

Yours faithfully

(Murli Radhakrishnan)
Chief General Manager

Encl: as above

 

Annex

Penal Interest Rates which are linked to the Bank Rate

Item

Existing Rate

Revised Rate
(Effective from January 29, 2013

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

Bank Rate plus 3.0 percentage points (12.00 per cent) or Bank Rate plus 5.0 percentage points (14.00 per cent).

Bank Rate plus 3.0 percentage points (11.75 per cent) or Bank Rate plus 5.0 percentage points (13.75 per cent).

 

 

 

Notification No : RBI/2012-13/402
Source : ,
Posted on 30 January 2013



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Comments (1)



MRKGANDHI
wrote on 03 February 2013

The economic scenerio do not suggest possible improvement in growth rates; the RBI appears to have done it with lot of reluctance. The present bad debit ratios suggest there will be more bad debts to banks. Our politicians are worried for their images and not real time issues. The big borrowers are only exploiting banks at the cost of depositors.





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