MSME Award Appeal here we mean and discuss Appeal against the order, decree or Award arising out of the statutory arbitration proceeding under MSME Act. There have been challenges to this provision in courts, where the contentions were raised that this provision is not mandatory and there can be deviation by the Appellate court. Thus, the Supreme Court has made it clear that the provision of section 19 of the MSME Act is mandatory in nature..    

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

Author- admin
Date:May 25, 2023

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

As per the provisions of the MSME Act, if a buyer fails to make payment to an MSME maximum within 45 days of the acceptance or deemed acceptance of goods or services, the buyer will be required to pay interest to the MSME at a rate equal to three times the bank rate notified by the Reserve Bank of India.

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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)

It’s worth noting that the interest rate can be subject to change as per the notification from the Reserve Bank of India, and MSME Samadhaan portal may update the interest rate accordingly.

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