NB Associates – Advocates & Legal Consultants
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
We may be contacted at 9811899279 | mail@nbassociates.net
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 from | Date to | RBI notified Bank rate | Notification Link |
08.02.2023 | – | 6.75% | Click here |
07/12/2022 | 07/02/2023 | 6.50% | Click here |
30/09/2022 | 06/12/2022 | 6.15% | Click here |
05/08/2022 | 29/09/2022 | 5.65% | Click here |
08/06/2022 | 04/08/2022 | 5.15% | Click here |
04/05/2022 | 07/06/2022 | 4.65% | Click here |
22/05/2020 | 03/05/2022 | 4.25% | Click here |
27/03/2020 | 21/05/2020 | 4.65% | Click here |
04/10/2019 | 26/03/2020 | 5.40% | Click here |
07.08.2019 | 03.10.2019 | 5.65% | Click here |
06.06.2019 | 06.08.2019 | 6% | Click here |
04.04.2019 | 05.06.2019 | 6.25% | Click here |
07.02.2019 | 03.04.2019 | 6.50% | Click here |
01.08.2018 | 06.02.2019 | 6.75% | Click here |
"This Article has been posted by Legal team of NB Associates (Advocates & Legal Consultants). This Article is carrying copyright. This Article cannot be reposted without written express legal consent of Legal team of NB Associates (Advocates & Legal Consultants). This Article is for information purpose only. It is not a solicitation to non-existing clients."