diff --git a/cmd/admin-handlers.go b/cmd/admin-handlers.go
index df927ed43..25e8d43b0 100644
--- a/cmd/admin-handlers.go
+++ b/cmd/admin-handlers.go
@@ -32,7 +32,6 @@ import (
 	"hash/crc32"
 	"io"
 	"math"
-	"math/rand"
 	"net/http"
 	"net/url"
 	"os"
@@ -2341,66 +2340,6 @@ func getTLSInfo() madmin.TLSInfo {
 	return tlsInfo
 }
 
-// BandwidthMonitorHandler - GET /minio/admin/v3/bandwidth
-// ----------
-// Get bandwidth consumption information
-func (a adminAPIHandlers) BandwidthMonitorHandler(w http.ResponseWriter, r *http.Request) {
-	ctx := newContext(r, w, "BandwidthMonitor")
-
-	defer logger.AuditLog(ctx, w, r, mustGetClaimsFromToken(r))
-
-	// Validate request signature.
-	_, adminAPIErr := checkAdminRequestAuth(ctx, r, iampolicy.BandwidthMonitorAction, "")
-	if adminAPIErr != ErrNone {
-		writeErrorResponseJSON(ctx, w, errorCodes.ToAPIErr(adminAPIErr), r.URL)
-		return
-	}
-
-	rnd := rand.New(rand.NewSource(time.Now().UnixNano()))
-
-	setEventStreamHeaders(w)
-	reportCh := make(chan madmin.BucketBandwidthReport)
-	keepAliveTicker := time.NewTicker(500 * time.Millisecond)
-	defer keepAliveTicker.Stop()
-	bucketsRequestedString := r.Form.Get("buckets")
-	bucketsRequested := strings.Split(bucketsRequestedString, ",")
-	go func() {
-		defer close(reportCh)
-		for {
-			select {
-			case <-ctx.Done():
-				return
-			case reportCh <- globalNotificationSys.GetBandwidthReports(ctx, bucketsRequested...):
-				time.Sleep(time.Duration(rnd.Float64() * float64(2*time.Second)))
-			}
-		}
-	}()
-
-	enc := json.NewEncoder(w)
-	for {
-		select {
-		case report, ok := <-reportCh:
-			if !ok {
-				return
-			}
-			if err := enc.Encode(report); err != nil {
-				return
-			}
-			if len(reportCh) == 0 {
-				// Flush if nothing is queued
-				w.(http.Flusher).Flush()
-			}
-		case <-keepAliveTicker.C:
-			if _, err := w.Write([]byte(" ")); err != nil {
-				return
-			}
-			w.(http.Flusher).Flush()
-		case <-ctx.Done():
-			return
-		}
-	}
-}
-
 // ServerInfoHandler - GET /minio/admin/v3/info
 // ----------
 // Get server information
diff --git a/cmd/admin-router.go b/cmd/admin-router.go
index 08a29f3d7..14d4633f6 100644
--- a/cmd/admin-router.go
+++ b/cmd/admin-router.go
@@ -303,8 +303,6 @@ func registerAdminRouter(router *mux.Router, enableConfigOps bool) {
 		// -- Health API --
 		adminRouter.Methods(http.MethodGet).Path(adminVersion + "/healthinfo").
 			HandlerFunc(gz(httpTraceHdrs(adminAPI.HealthInfoHandler)))
-		adminRouter.Methods(http.MethodGet).Path(adminVersion + "/bandwidth").
-			HandlerFunc(gz(httpTraceHdrs(adminAPI.BandwidthMonitorHandler)))
 	}
 
 	// If none of the routes match add default error handler routes
diff --git a/cmd/bucket-replication-handlers.go b/cmd/bucket-replication-handlers.go
index 593c91a7d..973d1c592 100644
--- a/cmd/bucket-replication-handlers.go
+++ b/cmd/bucket-replication-handlers.go
@@ -231,7 +231,19 @@ func (api objectAPIHandlers) GetBucketReplicationMetricsHandler(w http.ResponseW
 	w.Header().Set(xhttp.ContentType, string(mimeJSON))
 
 	enc := json.NewEncoder(w)
-	if err = enc.Encode(globalReplicationStats.getLatestReplicationStats(bucket, usageInfo)); err != nil {
+	stats := globalReplicationStats.getLatestReplicationStats(bucket, usageInfo)
+	bwRpt := globalNotificationSys.GetBandwidthReports(ctx, bucket)
+	bwMap := bwRpt.BucketStats[bucket]
+	for arn, st := range stats.Stats {
+		if bwMap != nil {
+			if bw, ok := bwMap[arn]; ok {
+				st.BandWidthLimitInBytesPerSecond = bw.LimitInBytesPerSecond
+				st.CurrentBandwidthInBytesPerSecond = bw.CurrentBandwidthInBytesPerSecond
+				stats.Stats[arn] = st
+			}
+		}
+	}
+	if err = enc.Encode(stats); err != nil {
 		writeErrorResponseJSON(ctx, w, toAdminAPIErr(ctx, err), r.URL)
 		return
 	}
diff --git a/cmd/bucket-replication.go b/cmd/bucket-replication.go
index 4beab4969..46dfea5c9 100644
--- a/cmd/bucket-replication.go
+++ b/cmd/bucket-replication.go
@@ -1144,10 +1144,11 @@ func (ri ReplicateObjectInfo) replicateObject(ctx context.Context, objectAPI Obj
 
 	opts := &bandwidth.MonitorReaderOptions{
 		Bucket:     objInfo.Bucket,
+		TargetARN:  tgt.ARN,
 		HeaderSize: headerSize,
 	}
 	newCtx := ctx
-	if globalBucketMonitor.IsThrottled(bucket) {
+	if globalBucketMonitor.IsThrottled(bucket, tgt.ARN) {
 		var cancel context.CancelFunc
 		newCtx, cancel = context.WithTimeout(ctx, throttleDeadline)
 		defer cancel()
@@ -1344,10 +1345,11 @@ func (ri ReplicateObjectInfo) replicateAll(ctx context.Context, objectAPI Object
 
 		opts := &bandwidth.MonitorReaderOptions{
 			Bucket:     objInfo.Bucket,
+			TargetARN:  tgt.ARN,
 			HeaderSize: headerSize,
 		}
 		newCtx := ctx
-		if globalBucketMonitor.IsThrottled(bucket) {
+		if globalBucketMonitor.IsThrottled(bucket, tgt.ARN) {
 			var cancel context.CancelFunc
 			newCtx, cancel = context.WithTimeout(ctx, throttleDeadline)
 			defer cancel()
diff --git a/cmd/bucket-stats.go b/cmd/bucket-stats.go
index 32cb74ceb..773b5a064 100644
--- a/cmd/bucket-stats.go
+++ b/cmd/bucket-stats.go
@@ -120,6 +120,10 @@ type BucketReplicationStat struct {
 	FailedCount int64 `json:"failedReplicationCount"`
 	// Replication latency information
 	Latency ReplicationLatency `json:"replicationLatency"`
+	// bandwidth limit for target
+	BandWidthLimitInBytesPerSecond int64 `json:"limitInBits"`
+	// current bandwidth reported
+	CurrentBandwidthInBytesPerSecond float64 `json:"currentBandwidth"`
 }
 
 func (bs *BucketReplicationStat) hasReplicationUsage() bool {
diff --git a/cmd/bucket-stats_gen.go b/cmd/bucket-stats_gen.go
index 1a16d6a7a..72f7fc342 100644
--- a/cmd/bucket-stats_gen.go
+++ b/cmd/bucket-stats_gen.go
@@ -89,6 +89,18 @@ func (z *BucketReplicationStat) DecodeMsg(dc *msgp.Reader) (err error) {
 					}
 				}
 			}
+		case "BandWidthLimitInBytesPerSecond":
+			z.BandWidthLimitInBytesPerSecond, err = dc.ReadInt64()
+			if err != nil {
+				err = msgp.WrapError(err, "BandWidthLimitInBytesPerSecond")
+				return
+			}
+		case "CurrentBandwidthInBytesPerSecond":
+			z.CurrentBandwidthInBytesPerSecond, err = dc.ReadFloat64()
+			if err != nil {
+				err = msgp.WrapError(err, "CurrentBandwidthInBytesPerSecond")
+				return
+			}
 		default:
 			err = dc.Skip()
 			if err != nil {
@@ -102,9 +114,9 @@ func (z *BucketReplicationStat) DecodeMsg(dc *msgp.Reader) (err error) {
 
 // EncodeMsg implements msgp.Encodable
 func (z *BucketReplicationStat) EncodeMsg(en *msgp.Writer) (err error) {
-	// map header, size 7
+	// map header, size 9
 	// write "PendingSize"
-	err = en.Append(0x87, 0xab, 0x50, 0x65, 0x6e, 0x64, 0x69, 0x6e, 0x67, 0x53, 0x69, 0x7a, 0x65)
+	err = en.Append(0x89, 0xab, 0x50, 0x65, 0x6e, 0x64, 0x69, 0x6e, 0x67, 0x53, 0x69, 0x7a, 0x65)
 	if err != nil {
 		return
 	}
@@ -179,15 +191,35 @@ func (z *BucketReplicationStat) EncodeMsg(en *msgp.Writer) (err error) {
 		err = msgp.WrapError(err, "Latency", "UploadHistogram")
 		return
 	}
+	// write "BandWidthLimitInBytesPerSecond"
+	err = en.Append(0xbe, 0x42, 0x61, 0x6e, 0x64, 0x57, 0x69, 0x64, 0x74, 0x68, 0x4c, 0x69, 0x6d, 0x69, 0x74, 0x49, 0x6e, 0x42, 0x79, 0x74, 0x65, 0x73, 0x50, 0x65, 0x72, 0x53, 0x65, 0x63, 0x6f, 0x6e, 0x64)
+	if err != nil {
+		return
+	}
+	err = en.WriteInt64(z.BandWidthLimitInBytesPerSecond)
+	if err != nil {
+		err = msgp.WrapError(err, "BandWidthLimitInBytesPerSecond")
+		return
+	}
+	// write "CurrentBandwidthInBytesPerSecond"
+	err = en.Append(0xd9, 0x20, 0x43, 0x75, 0x72, 0x72, 0x65, 0x6e, 0x74, 0x42, 0x61, 0x6e, 0x64, 0x77, 0x69, 0x64, 0x74, 0x68, 0x49, 0x6e, 0x42, 0x79, 0x74, 0x65, 0x73, 0x50, 0x65, 0x72, 0x53, 0x65, 0x63, 0x6f, 0x6e, 0x64)
+	if err != nil {
+		return
+	}
+	err = en.WriteFloat64(z.CurrentBandwidthInBytesPerSecond)
+	if err != nil {
+		err = msgp.WrapError(err, "CurrentBandwidthInBytesPerSecond")
+		return
+	}
 	return
 }
 
 // MarshalMsg implements msgp.Marshaler
 func (z *BucketReplicationStat) MarshalMsg(b []byte) (o []byte, err error) {
 	o = msgp.Require(b, z.Msgsize())
-	// map header, size 7
+	// map header, size 9
 	// string "PendingSize"
-	o = append(o, 0x87, 0xab, 0x50, 0x65, 0x6e, 0x64, 0x69, 0x6e, 0x67, 0x53, 0x69, 0x7a, 0x65)
+	o = append(o, 0x89, 0xab, 0x50, 0x65, 0x6e, 0x64, 0x69, 0x6e, 0x67, 0x53, 0x69, 0x7a, 0x65)
 	o = msgp.AppendInt64(o, z.PendingSize)
 	// string "ReplicatedSize"
 	o = append(o, 0xae, 0x52, 0x65, 0x70, 0x6c, 0x69, 0x63, 0x61, 0x74, 0x65, 0x64, 0x53, 0x69, 0x7a, 0x65)
@@ -214,6 +246,12 @@ func (z *BucketReplicationStat) MarshalMsg(b []byte) (o []byte, err error) {
 		err = msgp.WrapError(err, "Latency", "UploadHistogram")
 		return
 	}
+	// string "BandWidthLimitInBytesPerSecond"
+	o = append(o, 0xbe, 0x42, 0x61, 0x6e, 0x64, 0x57, 0x69, 0x64, 0x74, 0x68, 0x4c, 0x69, 0x6d, 0x69, 0x74, 0x49, 0x6e, 0x42, 0x79, 0x74, 0x65, 0x73, 0x50, 0x65, 0x72, 0x53, 0x65, 0x63, 0x6f, 0x6e, 0x64)
+	o = msgp.AppendInt64(o, z.BandWidthLimitInBytesPerSecond)
+	// string "CurrentBandwidthInBytesPerSecond"
+	o = append(o, 0xd9, 0x20, 0x43, 0x75, 0x72, 0x72, 0x65, 0x6e, 0x74, 0x42, 0x61, 0x6e, 0x64, 0x77, 0x69, 0x64, 0x74, 0x68, 0x49, 0x6e, 0x42, 0x79, 0x74, 0x65, 0x73, 0x50, 0x65, 0x72, 0x53, 0x65, 0x63, 0x6f, 0x6e, 0x64)
+	o = msgp.AppendFloat64(o, z.CurrentBandwidthInBytesPerSecond)
 	return
 }
 
@@ -300,6 +338,18 @@ func (z *BucketReplicationStat) UnmarshalMsg(bts []byte) (o []byte, err error) {
 					}
 				}
 			}
+		case "BandWidthLimitInBytesPerSecond":
+			z.BandWidthLimitInBytesPerSecond, bts, err = msgp.ReadInt64Bytes(bts)
+			if err != nil {
+				err = msgp.WrapError(err, "BandWidthLimitInBytesPerSecond")
+				return
+			}
+		case "CurrentBandwidthInBytesPerSecond":
+			z.CurrentBandwidthInBytesPerSecond, bts, err = msgp.ReadFloat64Bytes(bts)
+			if err != nil {
+				err = msgp.WrapError(err, "CurrentBandwidthInBytesPerSecond")
+				return
+			}
 		default:
 			bts, err = msgp.Skip(bts)
 			if err != nil {
@@ -314,7 +364,7 @@ func (z *BucketReplicationStat) UnmarshalMsg(bts []byte) (o []byte, err error) {
 
 // Msgsize returns an upper bound estimate of the number of bytes occupied by the serialized message
 func (z *BucketReplicationStat) Msgsize() (s int) {
-	s = 1 + 12 + msgp.Int64Size + 15 + msgp.Int64Size + 12 + msgp.Int64Size + 11 + msgp.Int64Size + 13 + msgp.Int64Size + 12 + msgp.Int64Size + 8 + 1 + 16 + z.Latency.UploadHistogram.Msgsize()
+	s = 1 + 12 + msgp.Int64Size + 15 + msgp.Int64Size + 12 + msgp.Int64Size + 11 + msgp.Int64Size + 13 + msgp.Int64Size + 12 + msgp.Int64Size + 8 + 1 + 16 + z.Latency.UploadHistogram.Msgsize() + 31 + msgp.Int64Size + 34 + msgp.Float64Size
 	return
 }
 
diff --git a/cmd/bucket-targets.go b/cmd/bucket-targets.go
index 19b44effd..2a80b4a8d 100644
--- a/cmd/bucket-targets.go
+++ b/cmd/bucket-targets.go
@@ -269,18 +269,18 @@ func (sys *BucketTargetSys) SetTarget(ctx context.Context, bucket string, tgt *m
 
 	sys.targetsMap[bucket] = newtgts
 	sys.arnRemotesMap[tgt.Arn] = clnt
-	sys.updateBandwidthLimit(bucket, tgt.BandwidthLimit)
+	sys.updateBandwidthLimit(bucket, tgt.Arn, tgt.BandwidthLimit)
 	return nil
 }
 
-func (sys *BucketTargetSys) updateBandwidthLimit(bucket string, limit int64) {
+func (sys *BucketTargetSys) updateBandwidthLimit(bucket, arn string, limit int64) {
 	if limit == 0 {
-		globalBucketMonitor.DeleteBucket(bucket)
+		globalBucketMonitor.DeleteBucketThrottle(bucket, arn)
 		return
 	}
 	// Setup bandwidth throttling
 
-	globalBucketMonitor.SetBandwidthLimit(bucket, limit)
+	globalBucketMonitor.SetBandwidthLimit(bucket, arn, limit)
 }
 
 // RemoveTarget - removes a remote bucket target for this source bucket.
@@ -332,7 +332,7 @@ func (sys *BucketTargetSys) RemoveTarget(ctx context.Context, bucket, arnStr str
 	}
 	sys.targetsMap[bucket] = targets
 	delete(sys.arnRemotesMap, arnStr)
-	sys.updateBandwidthLimit(bucket, 0)
+	sys.updateBandwidthLimit(bucket, arnStr, 0)
 	return nil
 }
 
@@ -402,7 +402,7 @@ func (sys *BucketTargetSys) UpdateAllTargets(bucket string, tgts *madmin.BucketT
 
 	// No need for more if not adding anything
 	if tgts == nil || tgts.Empty() {
-		sys.updateBandwidthLimit(bucket, 0)
+		globalBucketMonitor.DeleteBucket(bucket)
 		return
 	}
 
@@ -415,7 +415,7 @@ func (sys *BucketTargetSys) UpdateAllTargets(bucket string, tgts *madmin.BucketT
 			continue
 		}
 		sys.arnRemotesMap[tgt.Arn] = tgtClient
-		sys.updateBandwidthLimit(bucket, tgt.BandwidthLimit)
+		sys.updateBandwidthLimit(bucket, tgt.Arn, tgt.BandwidthLimit)
 	}
 	sys.targetsMap[bucket] = tgts.Targets
 }
@@ -438,7 +438,7 @@ func (sys *BucketTargetSys) set(bucket BucketInfo, meta BucketMetadata) {
 			continue
 		}
 		sys.arnRemotesMap[tgt.Arn] = tgtClient
-		sys.updateBandwidthLimit(bucket.Name, tgt.BandwidthLimit)
+		sys.updateBandwidthLimit(bucket.Name, tgt.Arn, tgt.BandwidthLimit)
 	}
 	sys.targetsMap[bucket.Name] = cfg.Targets
 }
diff --git a/cmd/notification.go b/cmd/notification.go
index 8be8557f5..f3dd03e00 100644
--- a/cmd/notification.go
+++ b/cmd/notification.go
@@ -33,7 +33,7 @@ import (
 	"github.com/cespare/xxhash/v2"
 	"github.com/klauspost/compress/zip"
 	"github.com/minio/madmin-go/v2"
-	bucketBandwidth "github.com/minio/minio/internal/bucket/bandwidth"
+	"github.com/minio/minio/internal/bucket/bandwidth"
 	"github.com/minio/minio/internal/logger"
 	"github.com/minio/minio/internal/sync/errgroup"
 	xnet "github.com/minio/pkg/net"
@@ -1104,8 +1104,8 @@ func NewNotificationSys(endpoints EndpointServerPools) *NotificationSys {
 }
 
 // GetBandwidthReports - gets the bandwidth report from all nodes including self.
-func (sys *NotificationSys) GetBandwidthReports(ctx context.Context, buckets ...string) madmin.BucketBandwidthReport {
-	reports := make([]*madmin.BucketBandwidthReport, len(sys.peerClients))
+func (sys *NotificationSys) GetBandwidthReports(ctx context.Context, buckets ...string) bandwidth.BucketBandwidthReport {
+	reports := make([]*bandwidth.BucketBandwidthReport, len(sys.peerClients))
 	g := errgroup.WithNErrs(len(sys.peerClients))
 	for index := range sys.peerClients {
 		if sys.peerClients[index] == nil {
@@ -1125,9 +1125,9 @@ func (sys *NotificationSys) GetBandwidthReports(ctx context.Context, buckets ...
 		ctx := logger.SetReqInfo(ctx, reqInfo)
 		logger.LogOnceIf(ctx, err, sys.peerClients[index].host.String())
 	}
-	reports = append(reports, globalBucketMonitor.GetReport(bucketBandwidth.SelectBuckets(buckets...)))
-	consolidatedReport := madmin.BucketBandwidthReport{
-		BucketStats: make(map[string]madmin.BandwidthDetails),
+	reports = append(reports, globalBucketMonitor.GetReport(bandwidth.SelectBuckets(buckets...)))
+	consolidatedReport := bandwidth.BucketBandwidthReport{
+		BucketStats: make(map[string]map[string]bandwidth.Details),
 	}
 	for _, report := range reports {
 		if report == nil || report.BucketStats == nil {
@@ -1136,15 +1136,26 @@ func (sys *NotificationSys) GetBandwidthReports(ctx context.Context, buckets ...
 		for bucket := range report.BucketStats {
 			d, ok := consolidatedReport.BucketStats[bucket]
 			if !ok {
-				consolidatedReport.BucketStats[bucket] = madmin.BandwidthDetails{}
+				consolidatedReport.BucketStats[bucket] = make(map[string]bandwidth.Details)
 				d = consolidatedReport.BucketStats[bucket]
-				d.LimitInBytesPerSecond = report.BucketStats[bucket].LimitInBytesPerSecond
+				for arn := range d {
+					d[arn] = bandwidth.Details{
+						LimitInBytesPerSecond: report.BucketStats[bucket][arn].LimitInBytesPerSecond,
+					}
+				}
 			}
-			if d.LimitInBytesPerSecond < report.BucketStats[bucket].LimitInBytesPerSecond {
-				d.LimitInBytesPerSecond = report.BucketStats[bucket].LimitInBytesPerSecond
+			for arn, st := range report.BucketStats[bucket] {
+				bwDet := bandwidth.Details{}
+				if bw, ok := d[arn]; ok {
+					bwDet = bw
+				}
+				if bwDet.LimitInBytesPerSecond < st.LimitInBytesPerSecond {
+					bwDet.LimitInBytesPerSecond = st.LimitInBytesPerSecond
+				}
+				bwDet.CurrentBandwidthInBytesPerSecond += st.CurrentBandwidthInBytesPerSecond
+				d[arn] = bwDet
+				consolidatedReport.BucketStats[bucket] = d
 			}
-			d.CurrentBandwidthInBytesPerSecond += report.BucketStats[bucket].CurrentBandwidthInBytesPerSecond
-			consolidatedReport.BucketStats[bucket] = d
 		}
 	}
 	return consolidatedReport
diff --git a/cmd/peer-rest-client.go b/cmd/peer-rest-client.go
index 51fd70d05..ec43174d5 100644
--- a/cmd/peer-rest-client.go
+++ b/cmd/peer-rest-client.go
@@ -30,6 +30,7 @@ import (
 	"time"
 
 	"github.com/minio/madmin-go/v2"
+	"github.com/minio/minio/internal/bucket/bandwidth"
 	"github.com/minio/minio/internal/event"
 	xhttp "github.com/minio/minio/internal/http"
 	"github.com/minio/minio/internal/logger"
@@ -814,7 +815,7 @@ func newPeerRESTClient(peer *xnet.Host) *peerRESTClient {
 }
 
 // MonitorBandwidth - send http trace request to peer nodes
-func (client *peerRESTClient) MonitorBandwidth(ctx context.Context, buckets []string) (*madmin.BucketBandwidthReport, error) {
+func (client *peerRESTClient) MonitorBandwidth(ctx context.Context, buckets []string) (*bandwidth.BucketBandwidthReport, error) {
 	values := make(url.Values)
 	values.Set(peerRESTBuckets, strings.Join(buckets, ","))
 	respBody, err := client.callWithContext(ctx, peerRESTMethodGetBandwidth, values, nil, -1)
@@ -824,7 +825,7 @@ func (client *peerRESTClient) MonitorBandwidth(ctx context.Context, buckets []st
 	defer xhttp.DrainBody(respBody)
 
 	dec := gob.NewDecoder(respBody)
-	var bandwidthReport madmin.BucketBandwidthReport
+	var bandwidthReport bandwidth.BucketBandwidthReport
 	err = dec.Decode(&bandwidthReport)
 	return &bandwidthReport, err
 }
diff --git a/go.mod b/go.mod
index d0d2bad75..4c6c96469 100644
--- a/go.mod
+++ b/go.mod
@@ -50,7 +50,7 @@ require (
 	github.com/minio/highwayhash v1.0.2
 	github.com/minio/kes v0.22.2
 	github.com/minio/madmin-go/v2 v2.0.7
-	github.com/minio/minio-go/v7 v7.0.45
+	github.com/minio/minio-go/v7 v7.0.46-0.20230104182320-4eab739c18fd
 	github.com/minio/pkg v1.5.8
 	github.com/minio/selfupdate v0.5.0
 	github.com/minio/sha256-simd v1.0.0
diff --git a/go.sum b/go.sum
index aa1aea182..2e20e8406 100644
--- a/go.sum
+++ b/go.sum
@@ -779,6 +779,8 @@ github.com/minio/md5-simd v1.1.2/go.mod h1:MzdKDxYpY2BT9XQFocsiZf/NKVtR7nkE4RoEp
 github.com/minio/minio-go/v7 v7.0.41/go.mod h1:nCrRzjoSUQh8hgKKtu3Y708OLvRLtuASMg2/nvmbarw=
 github.com/minio/minio-go/v7 v7.0.45 h1:g4IeM9M9pW/Lo8AGGNOjBZYlvmtlE1N5TQEYWXRWzIs=
 github.com/minio/minio-go/v7 v7.0.45/go.mod h1:nCrRzjoSUQh8hgKKtu3Y708OLvRLtuASMg2/nvmbarw=
+github.com/minio/minio-go/v7 v7.0.46-0.20230104182320-4eab739c18fd h1:0KBrQiZnIfb56iUEYGy4AmOvcIcy5Flqz3om3gmx5P8=
+github.com/minio/minio-go/v7 v7.0.46-0.20230104182320-4eab739c18fd/go.mod h1:nCrRzjoSUQh8hgKKtu3Y708OLvRLtuASMg2/nvmbarw=
 github.com/minio/pkg v1.5.4/go.mod h1:2MOaRFdmFKULD+uOLc3qHLGTQTuxCNPKNPfLBTxC8CA=
 github.com/minio/pkg v1.5.8 h1:ryx23f28havoidUezmYRNgaZpbyn4y3m2yp/vfasFy0=
 github.com/minio/pkg v1.5.8/go.mod h1:EiGlHS2xaooa2VMxhJsxxAZHDObHVUB3HwtuoEXOCVE=
diff --git a/internal/bucket/bandwidth/monitor.go b/internal/bucket/bandwidth/monitor.go
index 1efe0a990..3768babe4 100644
--- a/internal/bucket/bandwidth/monitor.go
+++ b/internal/bucket/bandwidth/monitor.go
@@ -22,7 +22,6 @@ import (
 	"sync"
 	"time"
 
-	"github.com/minio/madmin-go/v2"
 	"golang.org/x/time/rate"
 )
 
@@ -34,19 +33,19 @@ type throttle struct {
 // Monitor holds the state of the global bucket monitor
 type Monitor struct {
 	tlock                 sync.RWMutex // mutex for bucketThrottle
-	bucketThrottle        map[string]*throttle
-	mlock                 sync.RWMutex                  // mutex for activeBuckets map
-	activeBuckets         map[string]*bucketMeasurement // Buckets with objects in flight
-	bucketMovingAvgTicker *time.Ticker                  // Ticker for calculating moving averages
-	ctx                   context.Context               // Context for generate
+	bucketThrottle        map[string]map[string]*throttle
+	mlock                 sync.RWMutex                             // mutex for activeBuckets map
+	activeBuckets         map[string]map[string]*bucketMeasurement // Buckets with objects in flight
+	bucketMovingAvgTicker *time.Ticker                             // Ticker for calculating moving averages
+	ctx                   context.Context                          // Context for generate
 	NodeCount             uint64
 }
 
 // NewMonitor returns a monitor with defaults.
 func NewMonitor(ctx context.Context, numNodes uint64) *Monitor {
 	m := &Monitor{
-		activeBuckets:         make(map[string]*bucketMeasurement),
-		bucketThrottle:        make(map[string]*throttle),
+		activeBuckets:         make(map[string]map[string]*bucketMeasurement),
+		bucketThrottle:        make(map[string]map[string]*throttle),
 		bucketMovingAvgTicker: time.NewTicker(2 * time.Second),
 		ctx:                   ctx,
 		NodeCount:             numNodes,
@@ -55,12 +54,19 @@ func NewMonitor(ctx context.Context, numNodes uint64) *Monitor {
 	return m
 }
 
-func (m *Monitor) updateMeasurement(bucket string, bytes uint64) {
+func (m *Monitor) updateMeasurement(bucket, arn string, bytes uint64) {
 	m.mlock.Lock()
 	defer m.mlock.Unlock()
-	if m, ok := m.activeBuckets[bucket]; ok {
-		m.incrementBytes(bytes)
+	tm, ok := m.activeBuckets[bucket]
+	if !ok {
+		tm = make(map[string]*bucketMeasurement)
 	}
+	measurement, ok := tm[arn]
+	if !ok {
+		measurement = &bucketMeasurement{}
+	}
+	measurement.incrementBytes(bytes)
+	m.activeBuckets[bucket][arn] = measurement
 }
 
 // SelectionFunction for buckets
@@ -83,27 +89,44 @@ func SelectBuckets(buckets ...string) SelectionFunction {
 	}
 }
 
+// Details for the measured bandwidth
+type Details struct {
+	LimitInBytesPerSecond            int64   `json:"limitInBits"`
+	CurrentBandwidthInBytesPerSecond float64 `json:"currentBandwidth"`
+}
+
+// BucketBandwidthReport captures the details for all buckets.
+type BucketBandwidthReport struct {
+	BucketStats map[string]map[string]Details `json:"bucketStats,omitempty"`
+}
+
 // GetReport gets the report for all bucket bandwidth details.
-func (m *Monitor) GetReport(selectBucket SelectionFunction) *madmin.BucketBandwidthReport {
+func (m *Monitor) GetReport(selectBucket SelectionFunction) *BucketBandwidthReport {
 	m.mlock.RLock()
 	defer m.mlock.RUnlock()
 	return m.getReport(selectBucket)
 }
 
-func (m *Monitor) getReport(selectBucket SelectionFunction) *madmin.BucketBandwidthReport {
-	report := &madmin.BucketBandwidthReport{
-		BucketStats: make(map[string]madmin.BandwidthDetails),
+func (m *Monitor) getReport(selectBucket SelectionFunction) *BucketBandwidthReport {
+	report := &BucketBandwidthReport{
+		BucketStats: make(map[string]map[string]Details),
 	}
-	for bucket, bucketMeasurement := range m.activeBuckets {
+	for bucket, bucketMeasurementMap := range m.activeBuckets {
 		if !selectBucket(bucket) {
 			continue
 		}
 		m.tlock.RLock()
-		bucketThrottle, ok := m.bucketThrottle[bucket]
-		if ok {
-			report.BucketStats[bucket] = madmin.BandwidthDetails{
-				LimitInBytesPerSecond:            bucketThrottle.NodeBandwidthPerSec * int64(m.NodeCount),
-				CurrentBandwidthInBytesPerSecond: bucketMeasurement.getExpMovingAvgBytesPerSecond(),
+		report.BucketStats[bucket] = make(map[string]Details)
+		if tgtThrottle, ok := m.bucketThrottle[bucket]; ok {
+			for arn, throttle := range tgtThrottle {
+				var currBw float64
+				if bucketMeasurement, ok := bucketMeasurementMap[arn]; ok {
+					currBw = bucketMeasurement.getExpMovingAvgBytesPerSecond()
+				}
+				report.BucketStats[bucket][arn] = Details{
+					LimitInBytesPerSecond:            throttle.NodeBandwidthPerSec * int64(m.NodeCount),
+					CurrentBandwidthInBytesPerSecond: currBw,
+				}
 			}
 		}
 		m.tlock.RUnlock()
@@ -127,24 +150,27 @@ func (m *Monitor) updateMovingAvg() {
 	m.mlock.Lock()
 	defer m.mlock.Unlock()
 	for _, bucketMeasurement := range m.activeBuckets {
-		bucketMeasurement.updateExponentialMovingAverage(time.Now())
+		for _, measurement := range bucketMeasurement {
+			measurement.updateExponentialMovingAverage(time.Now())
+		}
 	}
 }
 
-func (m *Monitor) getBucketMeasurement(bucket string, initTime time.Time) *bucketMeasurement {
+func (m *Monitor) getBucketMeasurement(bucket, arn string, initTime time.Time) map[string]*bucketMeasurement {
 	bucketTracker, ok := m.activeBuckets[bucket]
 	if !ok {
-		bucketTracker = newBucketMeasurement(initTime)
+		bucketTracker = make(map[string]*bucketMeasurement)
+		bucketTracker[arn] = newBucketMeasurement(initTime)
 		m.activeBuckets[bucket] = bucketTracker
 	}
 	return bucketTracker
 }
 
 // track returns the measurement object for bucket
-func (m *Monitor) track(bucket string) {
+func (m *Monitor) track(bucket, arn string) {
 	m.mlock.Lock()
 	defer m.mlock.Unlock()
-	m.getBucketMeasurement(bucket, time.Now())
+	m.getBucketMeasurement(bucket, arn, time.Now())
 }
 
 // DeleteBucket deletes monitoring the 'bucket'
@@ -157,34 +183,54 @@ func (m *Monitor) DeleteBucket(bucket string) {
 	m.mlock.Unlock()
 }
 
+// DeleteBucketThrottle deletes monitoring for a bucket's target
+func (m *Monitor) DeleteBucketThrottle(bucket, arn string) {
+	m.tlock.Lock()
+	delete(m.bucketThrottle, bucket)
+	m.tlock.Unlock()
+	m.mlock.Lock()
+	delete(m.activeBuckets, bucket)
+	m.mlock.Unlock()
+}
+
 // throttle returns currently configured throttle for this bucket
-func (m *Monitor) throttle(bucket string) *throttle {
+func (m *Monitor) throttle(bucket, arn string) *throttle {
 	m.tlock.RLock()
 	defer m.tlock.RUnlock()
-	return m.bucketThrottle[bucket]
+	return m.bucketThrottle[bucket][arn]
 }
 
 // SetBandwidthLimit sets the bandwidth limit for a bucket
-func (m *Monitor) SetBandwidthLimit(bucket string, limit int64) {
+func (m *Monitor) SetBandwidthLimit(bucket, arn string, limit int64) {
 	m.tlock.Lock()
 	defer m.tlock.Unlock()
 	bw := limit / int64(m.NodeCount)
-	t, ok := m.bucketThrottle[bucket]
+	tgtMap, ok := m.bucketThrottle[bucket]
 	if !ok {
-		t = &throttle{
+		tgtMap = make(map[string]*throttle)
+		tgtMap[arn] = &throttle{
 			NodeBandwidthPerSec: bw,
 		}
 	}
-	t.NodeBandwidthPerSec = bw
-	newlimit := rate.Every(time.Second / time.Duration(t.NodeBandwidthPerSec))
-	t.Limiter = rate.NewLimiter(newlimit, int(t.NodeBandwidthPerSec))
-	m.bucketThrottle[bucket] = t
+	th, ok := tgtMap[arn]
+	if !ok {
+		th = &throttle{}
+	}
+	th.NodeBandwidthPerSec = bw
+	tgtMap[arn] = th
+	newlimit := rate.Every(time.Second / time.Duration(tgtMap[arn].NodeBandwidthPerSec))
+	tgtMap[arn].Limiter = rate.NewLimiter(newlimit, int(tgtMap[arn].NodeBandwidthPerSec))
+	m.bucketThrottle[bucket] = tgtMap
 }
 
 // IsThrottled returns true if a bucket has bandwidth throttling enabled.
-func (m *Monitor) IsThrottled(bucket string) bool {
+func (m *Monitor) IsThrottled(bucket, arn string) bool {
 	m.tlock.RLock()
 	defer m.tlock.RUnlock()
-	_, ok := m.bucketThrottle[bucket]
+	th, ok := m.bucketThrottle[bucket]
+	if !ok {
+		return ok
+	}
+	_, ok = th[arn]
 	return ok
 }
diff --git a/internal/bucket/bandwidth/monitor_test.go b/internal/bucket/bandwidth/monitor_test.go
index 786599659..d25405acf 100644
--- a/internal/bucket/bandwidth/monitor_test.go
+++ b/internal/bucket/bandwidth/monitor_test.go
@@ -21,8 +21,6 @@ import (
 	"reflect"
 	"testing"
 	"time"
-
-	"github.com/minio/madmin-go/v2"
 )
 
 const (
@@ -31,7 +29,7 @@ const (
 
 func TestMonitor_GetReport(t *testing.T) {
 	type fields struct {
-		activeBuckets map[string]*bucketMeasurement
+		activeBuckets map[string]map[string]*bucketMeasurement
 		endTime       time.Time
 		update2       uint64
 		endTime2      time.Time
@@ -44,44 +42,52 @@ func TestMonitor_GetReport(t *testing.T) {
 	tests := []struct {
 		name   string
 		fields fields
-		want   *madmin.BucketBandwidthReport
-		want2  *madmin.BucketBandwidthReport
+		want   *BucketBandwidthReport
+		want2  *BucketBandwidthReport
 	}{
 		{
 			name: "ZeroToOne",
 			fields: fields{
-				activeBuckets: map[string]*bucketMeasurement{
-					"bucket": m0,
+				activeBuckets: map[string]map[string]*bucketMeasurement{
+					"bucket": {
+						"arn": m0,
+					},
 				},
 				endTime:  start.Add(1 * time.Second),
 				update2:  oneMiB,
 				endTime2: start.Add(2 * time.Second),
 			},
-			want: &madmin.BucketBandwidthReport{
-				BucketStats: map[string]madmin.BandwidthDetails{"bucket": {LimitInBytesPerSecond: 1024 * 1024, CurrentBandwidthInBytesPerSecond: 0}},
+			want: &BucketBandwidthReport{
+				BucketStats: map[string]map[string]Details{
+					"bucket": {
+						"arn": Details{LimitInBytesPerSecond: 1024 * 1024, CurrentBandwidthInBytesPerSecond: 0},
+					},
+				},
 			},
-			want2: &madmin.BucketBandwidthReport{
-				BucketStats: map[string]madmin.BandwidthDetails{"bucket": {LimitInBytesPerSecond: 1024 * 1024, CurrentBandwidthInBytesPerSecond: (1024 * 1024) / start.Add(2*time.Second).Sub(start.Add(1*time.Second)).Seconds()}},
+			want2: &BucketBandwidthReport{
+				BucketStats: map[string]map[string]Details{"bucket": {"arn": Details{LimitInBytesPerSecond: 1024 * 1024, CurrentBandwidthInBytesPerSecond: (1024 * 1024) / start.Add(2*time.Second).Sub(start.Add(1*time.Second)).Seconds()}}},
 			},
 		},
 		{
 			name: "OneToTwo",
 			fields: fields{
-				activeBuckets: map[string]*bucketMeasurement{
-					"bucket": m1MiBPS,
+				activeBuckets: map[string]map[string]*bucketMeasurement{
+					"bucket": {
+						"arn": m1MiBPS,
+					},
 				},
 				endTime:  start.Add(1 * time.Second),
 				update2:  2 * oneMiB,
 				endTime2: start.Add(2 * time.Second),
 			},
-			want: &madmin.BucketBandwidthReport{
-				BucketStats: map[string]madmin.BandwidthDetails{"bucket": {LimitInBytesPerSecond: 1024 * 1024, CurrentBandwidthInBytesPerSecond: float64(oneMiB)}},
+			want: &BucketBandwidthReport{
+				BucketStats: map[string]map[string]Details{"bucket": {"arn": Details{LimitInBytesPerSecond: 1024 * 1024, CurrentBandwidthInBytesPerSecond: float64(oneMiB)}}},
 			},
-			want2: &madmin.BucketBandwidthReport{
-				BucketStats: map[string]madmin.BandwidthDetails{"bucket": {
+			want2: &BucketBandwidthReport{
+				BucketStats: map[string]map[string]Details{"bucket": {"arn": Details{
 					LimitInBytesPerSecond:            1024 * 1024,
 					CurrentBandwidthInBytesPerSecond: exponentialMovingAverage(betaBucket, float64(oneMiB), 2*float64(oneMiB)),
-				}},
+				}}},
 			},
 		},
 	}
@@ -92,21 +98,23 @@ func TestMonitor_GetReport(t *testing.T) {
 			thr := throttle{
 				NodeBandwidthPerSec: 1024 * 1024,
 			}
+			th := make(map[string]map[string]*throttle)
+			th["bucket"] = map[string]*throttle{"arn": &thr}
 			m := &Monitor{
 				activeBuckets:  tt.fields.activeBuckets,
-				bucketThrottle: map[string]*throttle{"bucket": &thr},
+				bucketThrottle: th,
 				NodeCount:      1,
 			}
-			m.activeBuckets["bucket"].updateExponentialMovingAverage(tt.fields.endTime)
+			m.activeBuckets["bucket"]["arn"].updateExponentialMovingAverage(tt.fields.endTime)
 			got := m.GetReport(SelectBuckets())
 			if !reflect.DeepEqual(got, tt.want) {
 				t.Errorf("GetReport() = %v, want %v", got, tt.want)
 			}
-			m.activeBuckets["bucket"].incrementBytes(tt.fields.update2)
-			m.activeBuckets["bucket"].updateExponentialMovingAverage(tt.fields.endTime2)
+			m.activeBuckets["bucket"]["arn"].incrementBytes(tt.fields.update2)
+			m.activeBuckets["bucket"]["arn"].updateExponentialMovingAverage(tt.fields.endTime2)
 			got = m.GetReport(SelectBuckets())
-			if !reflect.DeepEqual(got, tt.want2) {
-				t.Errorf("GetReport() = %v, want %v", got, tt.want2)
+			if !reflect.DeepEqual(got.BucketStats, tt.want2.BucketStats) {
+				t.Errorf("GetReport() = %v, want %v", got.BucketStats, tt.want2.BucketStats)
 			}
 		})
 	}
diff --git a/internal/bucket/bandwidth/reader.go b/internal/bucket/bandwidth/reader.go
index 6b4935a89..147eea277 100644
--- a/internal/bucket/bandwidth/reader.go
+++ b/internal/bucket/bandwidth/reader.go
@@ -36,6 +36,7 @@ type MonitoredReader struct {
 // MonitorReaderOptions provides configurable options for monitor reader implementation.
 type MonitorReaderOptions struct {
 	Bucket     string
+	TargetARN  string
 	HeaderSize int
 }
 
@@ -79,7 +80,7 @@ func (r *MonitoredReader) Read(buf []byte) (n int, err error) {
 		r.lastErr = err
 		return
 	}
-	r.m.updateMeasurement(r.opts.Bucket, uint64(tokens))
+	r.m.updateMeasurement(r.opts.Bucket, r.opts.TargetARN, uint64(tokens))
 	return
 }
 
@@ -88,11 +89,11 @@ func (r *MonitoredReader) Read(buf []byte) (n int, err error) {
 func NewMonitoredReader(ctx context.Context, m *Monitor, r io.Reader, opts *MonitorReaderOptions) *MonitoredReader {
 	reader := MonitoredReader{
 		r:        r,
-		throttle: m.throttle(opts.Bucket),
+		throttle: m.throttle(opts.Bucket, opts.TargetARN),
 		m:        m,
 		opts:     opts,
 		ctx:      ctx,
 	}
-	reader.m.track(opts.Bucket)
+	reader.m.track(opts.Bucket, opts.TargetARN)
 	return &reader
 }