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

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.

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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)

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