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Question
The MCLR methodology for fixing interest rates for advances was introduced by
The MCLR methodology for fixing interest rates for advances was introduced by
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Solution
The correct option is B RBI
The marginal cost of funds based lending rate (MCLR) refers to the minimum interest rate of a bank below which it cannot lend, except in some cases allowed by the RBI. It was introduced by the Reserve Bank of India with effect from April 1, 2016. It replaced the earlier base rate system. Later in october 1, 2019 , RBI Introduced External benchmark linked lending rates.
The marginal cost of funds based lending rate (MCLR) refers to the minimum interest rate of a bank below which it cannot lend, except in some cases allowed by the RBI. It was introduced by the Reserve Bank of India with effect from April 1, 2016. It replaced the earlier base rate system. Later in october 1, 2019 , RBI Introduced External benchmark linked lending rates.
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