Mumbai: The Maharashtra Cabinet on Tuesday approved a revision in the interest rate payable on delayed compensation to persons affected by land acquisition under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. Under the revised provision, interest on delayed compensation will be one percentage point higher than the rate at which the Reserve Bank of India (RBI) lends to commercial banks. In a statement, the Chief Minister’s Office (CMO) said the interest rate would be fixed at one percentage point above the rate at which the RBI provides funds to commercial banks. According to the Revenue Department, there is a disparity between the existing interest rate on delayed compensation and prevailing lending rates charged by banks. “Section 72 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 will be amended in the coming days,” officials said.