Change in Bank Rate

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Published on September 30, 2022

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Change in Bank Rate

RBI/2022-23/123
DOR.RET.REC.70/12.01.001/2022-23

September 30, 2022

Madam/Sir,

Change in Bank Rate

Please refer to our circular DOR.RET.REC.59/12.01.001/2022-23 dated August 05, 2022 on the captioned subject.

2. As announced in the Monetary Policy Statement 2022-23 dated September 30, 2022, the Bank Rate is revised upwards by 50 basis points from 5.65 per cent to 6.15 per cent with immediate effect.

3. 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.

Applicability

4. This circular is applicable to all the banks.

Yours faithfully,

(Prakash Baliarsingh)
Chief General Manager

Encl.: As above

Annex

Penal Interest Rates which are linked to the Bank Rate

Item	Existing Rate	Revised Rate (With immediate effect)
Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).	Bank Rate plus 3.0 percentage points (8.65 per cent) or Bank Rate plus 5.0 percentage points (10.65 per cent).	Bank Rate plus 3.0 percentage points (9.15 per cent) or Bank Rate plus 5.0 percentage points (11.15 per cent).