RBI Cuts Penal Interest Rates

Published 1 year ago

The Reserve Bank of India lowered penal interest rates for banks failing to meet cash and liquidity requirements. This follows a 50 basis point reduction in the Bank Rate to 5.75%, impacting rates on CRR and SLR shortfalls.

Bank Rate reduced by 50 basis points to 5.75%.
Penal rate (Bank Rate + 3%) lowered to 8.75%.
Higher penal rate (Bank Rate + 5%) cut to 10.75%.

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