Bank rate increased from 6% to 9.5%

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)   (8229 Points)

14 February 2012  

Dear friends,

 

RBI has increased Bank rate u/s 49 of RBI Act from 6% to 9.5% as per notification dated 13.2.2012 attached.

 

Consequently, minimum rate of interest that can be charged on inter-corporate loans u/s 372A of Companies Act 1956 also gets increased to 9.5%.

 

Thanks