CHANGE IN BANK RATE – PENAL INTEREST RATES WHICH ARE LINKED TO BANK RATE
CIRCULAR DBR.NO.RET.BC.99/12.01.001/2014-15, DATED 2-6-2015
Please refer to circular DBR.No.Ret.BC.73/12.01.001/2014-15 dated March 04, 2015 on the captioned subject.
2. As announced in the Press Release 2014-15/2547 dated June 02, 2015, the Bank Rate stands adjusted by 25 basis points from 8.50 per cent to 8.25 per cent with effect from June 02, 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 June 02, 2015)
|Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).||Bank Rate plus 3.0 percentage points (11.50 per cent) or Bank Rate plus 5.0 percentage points (13.50 per cent).||Bank Rate plus 3.0 percentage points (11.25 per cent) or Bank Rate plus 5.0 percentage points (13.25 per cent).|