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Interest on late payment to the Vendor under MSME Scheme

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(Querist)
11 April 2023 Sir/Madam

I want to know what is the interest rate for interest calculation of late payment to the vendor under MSME Scheme??

What is Bank Rate notified by RBI??

Payment of Interest: Company have to pay interest on delayed payment to MSME registered supplier. Rate of Interest shall be three times of the bank rate notified by the Reserve Bank.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
11 April 2023 Bank Rate: Bank Rate is the rate of interest charged by The Central Bank of India against loans offered to commercial banks. Bank rate is usually higher than repo rate. The current Bank Rate is the same as the Marginal Standing Facility rate, i.e., 6.75%.
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