April 19, 2012
All Scheduled Commercial Banks
As announced in the Monetary Policy Statement 2012-13, the Bank Rate stands adjusted by 50 basis points from 9.50 per cent to 9.00 per cent with effect from April 17, 2012.
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.
Chief General Manager
Encl: as above
Penal Interest Rates which are linked to the Bank Rate
(Effective from April 17, 2012)
Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).
Bank Rate plus 3.0 percentage points (12.50 per cent) or Bank Rate plus 5.0 percentage points (14.50 per cent).
Bank Rate plus 3.0 percentage points (12.00 per cent) or Bank Rate plus 5.0 percentage points (14.00 per cent).