June 06, 2019
The Chairperson / CEOs of all Scheduled and Non Scheduled Banks
Dear Sir / Madam,
Change in Bank Rate
Please refer to our circular DBR.No.Ret.BC.33/12.01.001/2018-19 dated April 04, 2019 on the captioned subject.
2. As announced in the Second Bi-Monthly Monetary Policy Statement 2019-20 of June 06, 2019, the Bank Rate is revised downwards by 25 basis points from 6.25 percent to 6.00 percent with immediate effect.
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.
Chief General Manager
|Item||Existing Rate||Revised Rate
(With immediate effect)
|Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).||Bank Rate plus 3.0 percentage points (9.25 per cent) or Bank Rate plus 5.0 percentage points (11.25 per cent).||Bank Rate plus 3.0 percentage points (9.00 per cent) or Bank Rate plus 5.0 percentage points (11.00 per cent).|