Bank Rate, stands revised from 9.50 per cent to 9.00 per cent with effect from April 17, 2012

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Bank Rate, stands revised from 9.50 per cent to 9.00 per cent with effect from April 17, 2012
Notice Date : 05 June 2012

RBI/2011-12/588

UBD.BPD.(PCB).Cir.No.40/16.11.00/2011-12

June 5, 2012

The Chief Executive Officer

All Primary (Urban) Co-operative Banks

Madam/Dear Sir,

Bank Rate

Please refer to our circular UBD.BPD.(PCB).Cir.No.32/16.11.00/2011-12 dated April 26, 2012 advising that the Bank Rate, stands revised from 9.50 per cent to 9.00 per cent with effect from April 17, 2012 and all penal interest rates on shortfalls in reserve requirements, which are specifically linked to the Bank Rate also stands revised. In this connection, we advise that the interest rate on refinance for SSI under Section 17(2)(bb) read with Section 17(4)(c) of the Reserve Bank of India Act, 1934 also stands revised to 9.00 per cent with effect from April 17, 2012.

Yours faithfully,

(A.Udgata)

Chief General Manager-in-Charge

Encl: as above

Notification No : RBI/2011-12/588
Source : ,

Posted on 06 June 2012