RBI Notifies Revised Bank Rate as per Monetary Policy Statement 2022-23

On 07th November 2022, the Reserve Bank of India (RBI) issued Notification No – DOR.RET.REC.88/12.01.001/2022- 23 in regard to the change in Bank Rate. RBI had previously issued Circular DOR.RET.REC.70/12.01.001/2022-23 on 30th September 2022 in regard to the particular subject.

The RBI has also issued a Press Release in regard to the Monetary Policy Statement 2022-23 on 07th December 2022, where the Bank Rate was revised upwards by 35 basis points (bps) from 6.15% to 6.50%, deemed effective immediately.