May 23, 2007

The Chairman/Managing Director
State Bank of India & its Associates
All Nationalised Banks
Jammu & Kashmir Bank Ltd.
IDBI Ltd/HDFC Bank Ltd.
ICICI Bank Ltd. /UTI Bank Ltd.

Dear Sir

Please refer to our Circular No.RBI/2006/169 (DGBA.GAD.No.H.7377/42.01.011/2006-07) dated November 7, 2006 on the above subject.

We advise that the rate of interest on delayed remittances and double/excess reimbursement would remain unchanged at 8% (i.e. Bank Rate - 6% + 2%) till further instructions.

Yours faithfully

(A.S. Kulkarni)
Deputy General Manager