Bank rate notified by RBI for MSME delayed payment 2023
Section 16, read with Section 2(b) of the MSME Act, prescribes that:
– A buyer must make payment to a micro or small enterprise within a maximum period of 45 days. This period start from the acceptance or deemed acceptance of goods or services.
– If the buyer fails to do so, they must pay interest at a rate equal to three times the bank rate notified by the Reserve Bank of India.
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Bank rate notified by RBI for MSME delayed payment 2023 is currently stands at 6.75%
This means that a Micro or Small Enterprises can claim interest rate of 20.25 % per annum (6.75×3) from the buyer for delayed payment.
This interest is compounding at monthly interval as per the section 16 of the MSME Act.
Bank rate notified by RBI for MSME delayed payment 2023
| Start date | End date | Rate of Interest | Three times (x3) |
| 8-Feb-2023 | till date | 6.75 % | 20.25 % |
| 7-Dec-2022 | 7-Feb-2023 | 6.5 % | 19.5 % |
| 30-Sep-2022 | 6-Dec-2022 | 6.15 % | 18.45 % |
| 5-Aug-2022 | 29-Sep-2022 | 5.65 % | 5.65 % |
| 8-Jun-2022 | 4-Aug-2022 | 5.15 % | 15.45 % |
| 4-May-2022 | 7-Jun-2022 | 4.65 % | 13.95 % |
| 22-May-2020 | 3-May-2022 | 4.25 % | 12.75 % |
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For advice specific to your situation existing clients may please consult our team.
