The Reserve Bank of India (RBI) on September 30, 2022 has issued Notification regarding Change in Bank Rate. This has come into force on September 30, 2022.
• Reference is drawn to two documents namely: -
1. Monetary Policy Statement 2022-23 dated September 30, 2022
2. Monetary Policy Report
• The Bank Rate is revised upwards by 50 basis points from 5.65 per cent to 6.15 per cent
• All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised to: - Bank Rate plus 3.0 percentage points (9.15 per cent) or Bank Rate plus 5.0 percentage points (11.15 per cent).
[Notification No. RBI/2022-23/123]
