Question
In the term MCLR, introduced by the Reserve Bank of
India to replace the base rate system, what does the letter “L” stand for?Solution
• MCLR stands for Marginal Cost of Funds based Lending Rate. • It represents the minimum lending rate below which banks are not allowed to lend (except in specific cases permitted by RBI). • Introduced in April 2016, MCLR replaced the earlier Base Rate system to improve monetary policy transmission. • The framework links lending rates more closely with the marginal cost of funds (such as repo rate, deposit rates, and operating costs). Hence, in MCLR, the “L” stands for Lending.
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