RBI today announced the change in Bank Rate from 8.25% to 7.75% with effect from 29th Sep-2015.
All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as below:
Penal Interest Rates which are linked to the Bank Rate:
|
Item |
Existing Rate |
Revised Rate |
|
Penal interest rates on shortfalls 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). |