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RBI POLICY -- INTEREST RATE ON SMALL SAVINGS FROM 1ST OCTOBER 2016


     

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RBI Policy Rates

BPOLICY
The Monetary Policy Committee (MPC) decided
(04.10.16) to reduce the Repo rate under Liquidity Adjustment Facility
(LAF) by 25 basis points from 6.50% to 6.25% with immediate effect.
Consequent to the change in the Repo rate:

1) Marginal Standing Facility rate will stand adjusted to 6.75% .
2) Reverse Repo rate under the LAF will stand adjusted to 5.75%.
3) the Standing Liquidity Facility provided to Primary Dealers (PDs)
(collateralised liquidity support) from RBI would be available at the
revised repo rate, i.e., at 6.25% with effect from October 4, 2016.
4) Bank Rate stands adjusted by 25 basis points from 7% to 6.75 per
cent with effect from October 04, 2016.



Interest Rates on Small Savings w.e.f. 1.10.16

5-years Senior Citizens Saving Scheme
8.5%
5-years National Saving Certificate
8.0%
Public Provident Fund

8.0%
Kissan Vikas Patras

7.7%
Sukanya Samridhi Account

8.5%

Priority Sector Lending - Revised Reporting System

RBI decided (06.10.16) to modify the quarterly and annual reporting
formats for reporting priority sector lending. The statements should
be furnished to RBI within fifteen days and one month, respectively
from the date of ending of each quarter and financial year.

Doubling Farmers’ Income by 2022

Government of India in the Union Budget 2016-17 had announced its
resolve to double the income of farmers by 2022.
RBI advised banks (29.09.16) to revisit their documentation for crop
loans, simplify it where required and ensure speedy sanctioning and
disbursal of loans within specified time limits.
Lead banks have been advised to ensure the following:
a. Work closely with NABARD in preparation of Potential Linked
Plans (PLPs) & Annual Credit Plans keeping the above strategy in
consideration.


b. Include ‘Doubling of Farmer’s Income by 2022’ as a regular agenda
under Lead Bank Scheme in various forums such as SLBC, DCC,
DLRC and BLBC.


c. For the purpose of monitoring and reviewing the progress, Lead
banks may use the benchmarks as may be provided by NABARD.
d. Map the overall strategy to the agriculture/agro-ancillary lending
plan of your bank.



RBI POLICY -- INTEREST RATE ON SMALL SAVINGS FROM 1ST OCTOBER 2016 Reviewed by sambasivan srinivasan on 5:35:00 PM Rating: 5

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