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.
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