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RBI Bank rate for MSME – Bank rate by RBI for MSME

Posted by- admin | Date: May 25, 2023


Law notes on RBI Bank rate for MSME – Bank rate by RBI for MSME

The MSME Act requires buyers to make payments to MSMEs within 45 days.

This timeline applies from the date of acceptance or deemed acceptance of goods or services.

If they fail to do so, they must pay interest at three times the bank rate notified by the Reserve Bank of India.e notified by the Reserve Bank of India.

To know what legal services we provide in relation to MSME Recovery – Click here

The bank rate notified by the Reserve Bank of India currently stands at 6.75%, as of Feb, 2023.

This means that the interest rate for MSME claims under the MSME Samadhaan portal is 3 times the current bank rate. Which is 20.25% (6.75% x 3)

The interest rate under the MSME Act may change based on notifications from the Reserve Bank of India.

The MSME Samadhaan portal regularly updates the applicable interest rate to reflect these changes.

Bank rate notified by RBI (Reserve Bank of India) since 2018.

Date fromDate toRBI notified Bank rateNotification Link
08.02.20236.75%Click here
07/12/202207/02/20236.50%Click here
30/09/202206/12/20226.15%Click here
05/08/202229/09/20225.65%Click here
08/06/202204/08/20225.15%Click here
04/05/202207/06/20224.65%Click here
22/05/202003/05/20224.25%Click here
27/03/202021/05/20204.65%Click here
04/10/201926/03/20205.40%Click here
07.08.201903.10.20195.65%Click here
06.06.201906.08.20196%Click here
04.04.201905.06.20196.25%Click here
07.02.201903.04.20196.50%Click here
01.08.201806.02.20196.75%Click here

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