July 15 , 2013
The Chairmen/Chief Executive Officers,
All Regional Rural Banks / State and Central Co-operative Banks
As announced in the Press Release 2013-14/100 dated July 15, 2013, the Bank Rate stands adjusted by 200 basis points from 8.25 per cent to 10.25 per cent with effect from July 15, 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.
Principal Chief General Manager
Encl: as above
Penal Interest Rates which are linked to the Bank Rate
|Penal interest rates on shortfalls in reserve requirements (depending on duration of shortfalls).||Bank Rate plus 3.0percentage points (11.25 per cent) or Bank Rateplus 5.0 percentage points (13.25 per cent).||Bank Rate plus 3.0 percentagepoints (13.25 per cent) or Bank Rate plus 5.0 percentage points (15.25 per cent).|
Read more: RRBs – Bank Rate increased http://corporatelawreporter.com/2013/07/19/rrbs-bank-rate-increased/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+corporatelawreporter+%28Corporate+Law+Reporter+-+The+Daily+Journal%29#ixzz2aLXK6WLZ