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of <h1>RBI Cuts Bank Rate by 75 Basis Points to 7.0% Effective April 5, 2016; Penal Interest Rates Adjusted.</h1> The Reserve Bank of India (RBI) has announced a change in the Bank Rate, reducing it by 75 basis points from 7.75% to 7.0%, effective April 5, 2016. This adjustment follows the First Bi-Monthly Monetary Policy Statement for 2016-17. Consequently, all penal interest rates on shortfalls in reserve requirements, linked to the Bank Rate, have been revised. The penal interest rates are now set at Bank Rate plus 3.0 percentage points (10.00%) or Bank Rate plus 5.0 percentage points (12.00%), depending on the duration of the shortfalls.
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