Reserve Bank of India vide its Circular dated 7th December, 2022 with regard to the Circular
DOR.RET.REC.70/12.01.001/2022-23 dated September 30, 2022, announced in the Monetary Policy Statement 2022-23, the Bank Rate is revised upwards by 35 basis points from 6.15 per cent to 6.50 per cent.
Further, all penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as mentioned below:
| 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 (9.15 per cent) or Bank Rate plus 5.0 percentage points (11.15 per cent). | Bank Rate plus 3.0 percentage points (9.50 per cent) or Bank Rate plus 5.0 percentage points (11.50 per cent). |
This Circular is applicable to all the Banks and shall come into immediate effect.
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