RBI notifies on change in Bank Rate

Aug 06, 2022 | by TeamLease RegTech Legal Research Team

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Finance & Taxation ComplianceThe Reserve Bank of India (RBI) on August 05, 2022, 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, as stated below: 

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 (With immediate effect)

Bank Rate plus 3.0 percentage points (7.65 per cent) or Bank Rate plus 5.0 percentage points (9.65 per cent).

[Notification No. RBI/2022-23/45 DOR.RET.REC.32/12.01.001/2022-23]


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