On 05-08-2022, the Reserve Bank of India has issued a notification regarding the change in the bank rate. The Bank Rate is revised upwards by 50 basis points from 5.15 per cent to 5.65 per cent. This shall come into force with immediate effect.
The penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate:
- Existing Rate: Bank Rate plus 3.0 percentage points (7.25 per cent) or Bank Rate plus 5.0 percentage points (9.25 per cent).
- Revised Rate: Bank Rate plus 3.0 percentage points (7.65 per cent) or Bank Rate plus 5.0 percentage points (9.65 per cent).
