Bank rate reduction lowers penal interest rates linked to reserve shortfalls and takes effect immediately. Bank Rate is revised downward by 35 basis points to 5.65 per cent with immediate effect and becomes the reference rate for regulatory purposes. Penal interest rates on shortfalls in reserve requirements linked to the Bank Rate are revised accordingly: Bank Rate plus 3.0 percentage points (8.65 per cent) or Bank Rate plus 5.0 percentage points (10.65 per cent), applied depending on the duration of the shortfalls.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Bank rate reduction lowers penal interest rates linked to reserve shortfalls and takes effect immediately.
Bank Rate is revised downward by 35 basis points to 5.65 per cent with immediate effect and becomes the reference rate for regulatory purposes. Penal interest rates on shortfalls in reserve requirements linked to the Bank Rate are revised accordingly: Bank Rate plus 3.0 percentage points (8.65 per cent) or Bank Rate plus 5.0 percentage points (10.65 per cent), applied depending on the duration of the shortfalls.
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