October 08, 2013
The Chairmen/Chief Executive Officers,All Regional Rural Banks / State and Central Co-operative Banks
As announced in the Press Release 2013-2014/728 dated October 07, 2013, the Bank Rate stands adjusted by 50 basis points from 9.5 per cent to 9.0 per cent with effect from October 07, 2013.
2. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in Annex.
3. Please acknowledge receipt to our Regional Office concerned.
(A. Udgata)Principal Chief General Manager
Encl : as above
Penal Interest Rates which are linked to the Bank Rate
Revised Rate(Effective from October 07, 2013)
Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).
Bank Rate plus 3.0 percentage points (12.50 per cent) or Bank Rate plus 5.0 percentage points (14.50 per cent).
Bank Rate plus 3.0 percentage points (12.00 per cent) or Bank Rate plus 5.0 percentage points (14.00 per cent).