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RBI lowers repo rate by 35 basis points

Posted on 08 August 2019,    
 1545    Share  Report

RBI/2019-20/36
DBR.No.Ret.BC.10/12.01.001/2019-20

August 07, 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.44/12.01.001/2018-19 dated June 06, 2019, on the captioned subject.

2. As announced in the Third Bi-Monthly Monetary Policy Statement 2019-20 of August 07, 2019, the Bank Rate is revised downwards by 35 basis points from 6.00 per cent to 5.65 per cent 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.

Yours faithfully,

(Dr.S.K.Kar) 
Chief General Manager

Encl. : As above


Annex

Penal Interest Rates which are linked to the Bank Rate


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 (9.00 per cent) or Bank Rate plus 5.0 percentage points (11.00 per cent). Bank Rate plus 3.0 percentage points (8.65 per cent) or Bank Rate plus 5.0 percentage points (10.65 per cent).

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