CHANGE IN BANK RATE
CIRCULAR DBR.NO.RET.BC.42/12.01.001/2015-16, DATED 29-9-2015
Please refer to our circulars DBR.No.Ret.BC.99/12.01.001/2014-15 dated June 02, 2015 and DCBR.BPD.(PCB/RCB).Cir.No.37/16.11.00/2014-15 dated June 2, 2015 on the captioned subject.
2. As announced in the Fourth Bi-Monthly Monetary Policy Statement 2015-16 dated September 29, 2015, the Bank Rate stands adjusted by 50 basis points from 8.25 per cent to 7.75 per cent with effect from September 29, 2015.
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.
Penal Interest Rates which are linked to the Bank Rate
|Item||Existing Rate||Revised Rate (Effective from September 29, 2015)|
|Penal interest rates on short falls in reserve requirements (depending on duration of shortfalls).||Bank Rate plus 3.0 percentage points (11.25 per cent) or Bank Rate plus 5.0 percentage points (13.25 per cent).||Bank Rate plus 3.0 percentage points (10.75 per cent) or Bank Rate plus 5.0 percentage points (12.75 per cent).|