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Q20 (CAPF/2026) Economy › Money, Banking & Inflation

Match List-I with List-II and select the correct answer using the code given below the Lists :

List-I (Interest Rate System of the RBI)List-II (Year of Introduction)
A. Marginal Cost of Funds- based Lending Rate1. 2003
B. Base Rate2. 2019
C. External Benchmark Lending Rate3. 2016
D. Benchmark Prime Lending Rate4. 2010

Result
Your answer: —  ·  Correct: B

Explanation

The Reserve Bank of India (RBI) has evolved its lending rate systems to ensure better transparency and monetary policy transmission:

  • Benchmark Prime Lending Rate (BPLR): Introduced in 2003 to replace the Prime Lending Rate (PLR) system. It lacked transparency as banks often lent below BPLR.
  • Base Rate: Introduced in July 2010 to replace BPLR. It served as the minimum interest rate below which banks were generally not allowed to lend.
  • Marginal Cost of Funds-based Lending Rate (MCLR): Introduced in April 2016 to replace the Base Rate system. It is based on the marginal cost of borrowing for banks, making it more sensitive to changes in RBI's policy rates.
  • External Benchmark Lending Rate (EBLR): Mandated from October 2019 for retail and MSME loans to further improve transmission by linking lending rates directly to external benchmarks like the Repo Rate.
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