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Base Rate of loans areA. Set by the Reserve Bank of IndiaB. Fixed by individual banksC. Applicable to all new loans after July 2010D. Both b and c |
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Answer» Correct Answer - D The Reserve Bank of India introduced Base Rate as a reference benchmark rate for all floating rate loan products with effect from 1 July , 2010 . Each bank has been directed to arrive at its own base rate. The base rate is the minimum interest rate of a Bank below which it cannot lend, except in cases allowed by Reverse Bank of India. |
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