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Published on October 29, 2013

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Bank Rate

RBI/2013-14/345
DBOD.No.Ret.BC. 64/12.01.001/2013-14

October 29, 2013

All Scheduled Commercial Banks
& Local Area Banks

Dear Sir,

Bank Rate

Please refer to our circular DBOD.No.Ret.BC.58/12.01.001/2013-14 dated October 7, 2013 on the subject.

2. As announced in the Second Quarter Review of Monetary Policy 2013-14 dated October 29, 2013, the Bank Rate stands adjusted by 25 basis points from 9.0 per cent to 8.75 per cent with effect from October 29, 2013.

3. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as indicated in Annex.

4. Please acknowledge receipt.

Yours faithfully

(Sudha Damodar)
Chief General Manager

Encl: as above

Annex

Penal Interest Rates which are linked to the Bank Rate

Item	Existing Rate	Revised Rate (Effective from October 29, 2013)
Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).	Bank Rate plus 3.0 percentage points (12.00 per cent) or Bank Rate plus 5.0 percentage points (14.00 per cent).	Bank Rate plus 3.0 percentage points (11.75 per cent) or Bank Rate plus 5.0 percentage points (13.75 per cent).