Question

According to the Reserve Bank of India (Interest Rate on Advances) Directions, 2016, banks have the option to consider the outstanding balances of deposits and other borrowings as of which day prior to the date from which the MCLR becomes effective?

A The same day as the MCLR becomes effective.
B One calendar day before the MCLR becomes effective.
C Three calendar days before the MCLR becomes effective.
D Seven calendar days before the MCLR becomes effective.
E It depends on the bank's discretion.
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