Question
Under Section 42(3) of the RBI Act, 1934, if a scheduled
bank's average daily balance falls below the prescribed minimum during a fortnight, it is liable to pay penal interest at what rate for that fortnight?Solution
Section 42(3) provides that if the average daily balance held by a scheduled bank during any fortnight is below the prescribed minimum, the bank shall pay penal interest at a rate of three per cent above the bank rate on the shortfall. If the default continues into the next succeeding fortnight, the rate of penal interest is increased to five per cent above the bank rate. The penal interest rate for the first defaulting fortnight is three per cent above the bank rate.
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