UCBs - Revision in Bank Rate

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Published on September 20, 2013

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UCBs - Revision in Bank Rate

RBI/2013-2014/283
UBD.BPD.(PCB).Cir.No. 19 /16.11.00/2013-14

September 20, 2013

The Chief Executive Officer
All Primary (Urban) Co-operative Banks

Madam / Dear Sir,

Revision in Bank Rate

Please refer to our circular UBD BPD (PCB) Cir. No.1/16.11.00/2013-14 dated July 15, 2013 on the captioned subject. As announced in the Press Release 2013-2014/604 dated September 20, 2013, the Bank Rate stands adjusted by 75 basis points from 10.25 per cent to 9.5 per cent with effect from September 20, 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 the Annex. The interest rate on refinance for SSI under Section 17(2)(bb) read with Section 17(4)(c) of the Reserve Bank of India Act, 1934, also stands revised to 9.5 per cent with effect from September 20, 2013

Yours faithfully,

(A.K.Bera)
Principal Chief General Manager

Annex

Penal Interest Rates which are linked to the Bank Rate

Item	Existing Rate	Revised Rate (Effective from September 20, 2013)
Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).	Bank Rate plus 3.0 percentage points (13.25 per cent) or Bank Rate plus 5.0 percentage points (15.25 per cent).	Bank Rate plus 3.0 percentage points (12.50 per cent) or Bank Rate plus 5.0 percentage points (14.50 per cent).