The MCLR rate keeps changing; it depends on the Repo rates fixed by the Reserve Bank of India (RBI) and depends on the fund costs of the bank. Banks cannot give interest rates lower than the MCLR. Banks have to publish MCLR rates for different tenors. The MCLR rates will be different for different banks. You can read about The Reserve Bank of India: Functions and Composition in the given link.
The MCLR system came into effect from 1st April, 2016.
Further readings:
- Non Performing Assets (NPA) – Facts for UPSC GS-III
- Monetary Policy – Objectives, Roles and Instruments
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