June 5, 2012
The Chief Executive Officer
All Primary (Urban) Co-operative Banks
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.
Chief General Manager-in-Charge
Encl: as above