Change in the Bank Rate- Circular dated 30th September
Change in the Bank Rate- Circular dated 30th September 2022
Please refer to our circular DOR.RET.REC.59/12.01.001/2022-23 dated August 05, 2022 on the captioned subject.
2. As announced in the Monetary Policy Statement 2022-23 dated September 30, 2022, the Bank Rate is revised upwards by 50 basis points from 5.65 per cent to 6.15 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.
Applicability
4. This circular is applicable to all the banks.
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 (8.65 per cent) or Bank Rate plus 5.0 percentage points (10.65 per cent). | Bank Rate plus 3.0 percentage points (9.15 per cent) or Bank Rate plus 5.0 percentage points (11.15 per cent). |
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