**Summary:**
This circular, RBI/2022-23/148 DOR.RET.REC.8812/01.001/2022-23 dated December 07, 2022, issued by the Reserve Bank of India (RBI), announces a revision in the Bank Rate. Effective immediately, the Bank Rate is increased by 35 basis points, from 6.15% to 6.50%. Consequently, all penal interest rates on shortfalls in reserve requirements that are specifically linked to the Bank Rate are also revised. Specifically, the penal interest rates are revised as follows: Bank Rate plus 3.0 percentage points, increasing from 9.15% to 9.50%, and Bank Rate plus 5.0 percentage points, increasing from 11.15% to 11.50%, depending on the duration of the shortfalls. This circular is applicable to all banks.
For further information, contact Sunil T.S. Nair, Chief General Manager, Department of Regulation, Central Office, Reserve Bank of India, 12th-13th Floor, Central Office Building, Shaheed Bhagat Singh Marg, Mumbai – 400001. Telephone: 22601000. Fax: 022-2270 5670, 2260 5671, 2260 5691, 2260 5692.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for monetary policy and regulation of the banking system.
Bank Rate: The interest rate at which the Reserve Bank of India lends money to commercial banks.
Monetary Policy Statement 202223: A statement issued by the Reserve Bank of India outlining its monetary policy stance and objectives.
Department of Regulation, Central Office: A department within the Reserve Bank of India responsible for regulation.
Mumbai, Maharashtra: City in India where the central office of the Reserve Bank of India is located.
Sunil T. S. Nair: Chief General Manager at Reserve Bank of India.
DOR.RET.REC.7012.01.001202223: Reference number of a circular issued by the Reserve Bank of India.
Shaheed Bhagat Singh Marg: A street in Mumbai, Maharashtra where the Central Office Building of RBI is located.
भारतीय �र ज़व� ब�क
RESERVE BANK OF INDIA
RBI/2022-23/148
DOR.RET.REC.88/12.01.001/2022-23 December 07, 2022
Madam/Sir,
Change in Bank Rate
Please refer to our circular DOR.RET.REC.70/12.01.001/2022-23 dated September 30, 2022 on the
captioned subject.
2. As announced in the Monetary Policy Statement 2022-23 dated December 07, 2022, the Bank Rate
is revised upwards by 35 basis points from 6.15 per cent to 6.50 per cent with immediate effect.
3. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank
Rate, also stand revised as indicated in the Annex.
Applicability
4. This circular is applicable to all the banks.
Yours faithfully,
(Sunil T. S. Nair)
Chief General Manager
Encl.: As above
िविनयमन िवभाग, क�द्रीय काया�लय, 12वी ंऔर 13वी ंमंिज़ल, क�द्रीय काया�लय भवन, शहीद भगत िसंह माग�, मुंबई 400001
टेलीफोन /Tel No: 22601000 फै�/ Fax No: 022-2270 5670, 2260 5671, 5691 2270, 2260 5692
Department of Regulation, Central Office, 12th & 13th Floor, Central Office Building, Shaheed Bhagat Singh Marg, Mumbai – 400001
Tel No: 22601000 Fax No: 022-2270 5670, 2260 5671, 5691 2270, 2260 5692
ब�क िहंदी म� पत्राचार का �ागत करता है
Caution: RBI never sends mails, SMSs or makes calls asking for personal information like bank account details, passwords, etc. It never keeps or
offers funds to anyone. Please do not respond in any manner to such offers.Annex
Penal Interest Rates which are linked to the Bank Rate
Revised Rate
Item Existing Rate
(With immediate effect)
Penal interest rates on Bank Rate plus 3.0 Bank Rate plus 3.0 percentage points
shortfalls in reserve percentage points (9.15 (9.50 per cent) or Bank Rate plus 5.0
requirements (depending per cent) or Bank Rate percentage points (11.50 per cent).
on duration of shortfalls). plus 5.0 percentage
points (11.15 per cent).