As per Reserve Bank of India (Interest Rate on Advances) Directions, 2016 regarding External Benchmark can a bank adopt multiple benchmarks within a loan category?
External Benchmark (a) All new floating rate personal or retail loans (housing, auto, etc.) and floating rate loans extended by banks to Micro and Small Enterprises from October 01, 2019 and floating rate loans to Medium Enterprises from April 01, 2020 shall be benchmarked to one of the following: - Reserve Bank of India policy repo rate - Government of India 3-Months Treasury Bill yield published by the Financial Benchmarks India Private Ltd (FBIL) - Government of India 6-Months Treasury Bill yield published by the FBIL - Any other benchmark market interest rate published by the FBIL. (b) Banks are free to offer such external benchmark linked loans to other types of borrowers as well. (c) In order to ensure transparency, standardization, and ease of understanding of loan products by borrowers, a bank must adopt a uniform external benchmark within a loan category; in other words, the adoption of multiple benchmarks by the same bank is not allowed within a loan category.
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