Banks cannot indiscriminately charge interest on advances of same category

Hereafter banks cannot differentiate old and new borrowal accounts for the purpose of selectively charging different rate of interest within the same category borrowers. The new guidelines of RBI on ‘Interest Rates on Advances’ will  comes into effect immediately one month after its Circular dated 19.01.2015. Hitherto banks used to selectively lower rate of interest…

RBI slashes key rates with immediate effct

RBI communiqué on RATE CUT RBI slashes repo rate by 25 bps to 7.75 per cent with immediate effect Reverse Repo @6.75% No change in CRR or SLR Key Rates (effective from 15/1/2015) CRR……………………………4% SLR…………………………….22% Repo Rate…………………7.75% Reverse Repo Rate……6.75% Marginal Standing Facility Rate….8.75% Bank Rate…………………………………..8.75% Call Rates……………………………………6.40 to8.40% Reasons quoted by RBI for rate…