{"id":44087,"date":"2019-09-06T13:07:30","date_gmt":"2019-09-06T07:37:30","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=44087"},"modified":"2020-04-03T23:29:36","modified_gmt":"2020-04-03T17:59:36","slug":"rbi-press-release","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/rbi-press-release\/","title":{"rendered":"RBI Press Release &#8211; RBI Circular on External Benchmark Based Lending"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #000000;\">On <strong>4th of September 2019<\/strong>, <strong>RBI<\/strong> released a <a href=\"https:\/\/www.rbi.org.in\/Scripts\/NotificationUser.aspx?Id=11677&amp;Mode=0\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\"><strong>circular<\/strong><\/span><\/a> on its <a href=\"https:\/\/www.rbi.org.in\/home.aspx\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\"><strong>official website<\/strong><\/span><\/a> concerning the linking of <strong>interest rates <\/strong>on<strong> floating rates loans <\/strong>to an<strong> external benchmark<\/strong>. This move was taken for <strong>faster transmission <\/strong>of its<strong> rate cuts<\/strong> (RBI\u00a0monetary policy) to consumers. We will discuss this RBI\u00a0news\/RBI Press Release on External Benchmark lending rates here in this blog.\u00a0<\/span><\/p>\n<h2><strong><span style=\"color: #000000;\">RBI Press Release &#8211; September 4, 2019<\/span><\/strong><\/h2>\n<p><span style=\"color: #000000;\">The Reserve Bank of India on 4th of September 2019 has asked Banks in India to:<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #000000;\">&#8220;To link, all new floating rate personal or retail loans (housing, auto, etc.) and floating rate loans to Micro and Small Enterprises (MSEs) extended by banks to external benchmarks,\u00a0with effect from 1st October 2019.&#8221;<\/span><\/strong><\/p>\n<h3><strong><span style=\"color: #000000;\">RBI Press Release:\u00a0<\/span><\/strong><strong><span style=\"color: #000000;\">History of the Decision Taken<\/span><\/strong><\/h3>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Reserve Bank had constituted an <strong>Internal Study Group <\/strong>(ISG) to examine various aspects of the <strong>Marginal Cost of Funds-based Lending Rate <\/strong>(MCLR) System. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">The <strong>final report <\/strong>of the<strong> ISG<\/strong> was published in\u00a0<strong>October 2017<\/strong>\u00a0for public feedback. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">The <strong>ISG<\/strong> observed that <strong>internal benchmarks<\/strong> such as the <a href=\"https:\/\/www.oliveboard.in\/blog\/difference-between-mclr-and-base-rates\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\"><strong>Base Rate<\/strong>\/<strong>MCLR<\/strong><\/span><\/a> have <strong>not delivered effective<\/strong> <strong>transmission of monetary policy<\/strong>. The Study Group had, therefore, recommended a <strong>switchover<\/strong> to an <strong>external benchmark<\/strong> in a time-bound manner.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">It has been observed that due to various reasons, the transmission of policy rate changes to the lending rate of banks under the <strong>current MCLR framework<\/strong> has not been satisfactory.<\/span><\/li>\n<\/ul>\n<h4><strong><span style=\"color: #000000;\">What is Floating Interest Rate?<\/span><\/strong><\/h4>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Floating Interest Rates or Variable Interest Rates is an interest rate that varies (moves up or down) and is typically linked to an index or a reference rate or a benchmark rate. It\u00a0refers to any type of\u00a0debt\u00a0instrument, such as a\u00a0loan,\u00a0bond,\u00a0mortgage, or credit, that does not have a\u00a0fixed rate\u00a0of\u00a0interest\u00a0over the life of the instrument.\u00a0<\/span><\/p>\n<h4><span style=\"color: #000000;\"><strong>What is a Floating Rate Loan?<\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">In business and finance, a\u00a0floating rate loan\u00a0(or a variable or adjustable-rate loan) refers to a loan with a floating interest rate. The total rate paid by the customer varies, or &#8220;floats&#8221;, in relation to some base rate, to which a\u00a0spread\u00a0or\u00a0margin\u00a0is added or subtracted.\u00a0<\/span><\/p>\n<p><strong>Read More:<\/strong><\/p>\n<p><a href=\"https:\/\/www.oliveboard.in\/blog\/category\/rbi-grade-b\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\"><strong>RBI Grade B Notes<\/strong><\/span><\/a><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Take a look at our\u00a0<strong>Video Learning Courses<\/strong>\u00a0that you get and learn from. Have a look at the\u00a0<strong>Online Reasoning Courses<\/strong>\u00a0that are included under our\u00a0<strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.oliveboard.in\/edge\/?ref=ehny\" target=\"_blank\" rel=\"noopener noreferrer\">Subscription Model EDGE\/EDGE+<\/a><\/span>.\u00a0With just one subscription, you can access all of these courses and many more courses.\u00a0<\/strong><\/span><\/p>\n<p><strong><span style=\"color: #000000;\">Check out these Video Courses\u00a0<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #000000;\">1. <a href=\"https:\/\/www.oliveboard.in\/edge\/?ref=ehny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">Monetary Policy\u00a0<\/span><\/a><\/span><\/strong><\/p>\n<p><strong><span style=\"color: #000000;\">2. <a href=\"https:\/\/www.oliveboard.in\/edge\/?ref=ehny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">Economic Survey &amp; Budget<\/span><\/a><\/span><\/strong><\/p>\n<p><strong><span style=\"color: #000000;\">3. <a href=\"https:\/\/www.oliveboard.in\/edge\/?ref=ehny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">Trounce the Budget<\/span><\/a><\/span><\/strong><\/p>\n<p><strong><span style=\"color: #000000;\">4. <a href=\"https:\/\/www.oliveboard.in\/edge\/?ref=ehny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">Beat the Inflation<\/span><\/a><\/span><\/strong><\/p>\n<p><strong><span style=\"color: #000000;\">5. <a href=\"https:\/\/www.oliveboard.in\/edge\/?ref=ehny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">Introduction to Indian Economy<\/span><\/a><\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">We hope that you like our effort and the information here on the RBI Circular &amp; would prove useful to you. If you are someone aiming to crack the most coveted Banking Exam that is <a href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=hny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\"><strong>RBI Grade B Exam<\/strong><\/span><\/a>, then we at <a href=\"https:\/\/www.oliveboard.in\/blog\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><span style=\"color: #0000ff;\">Oliveboard<\/span><\/strong><\/a> are there to take you through your <strong>journey of preparation<\/strong> and help you ace the exam.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">We have this <a href=\"https:\/\/www.oliveboard.in\/rbi-online-coaching\/?ref=hny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\"><strong>RBI Grade B Cracker Course<\/strong><\/span><\/a> &#8211; A <strong>Mix of Live and Recorded Classes<\/strong>, <strong>covering the complete syllabus of Phase 2<\/strong> of Exam. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Check out what all you get under this course and decide for yourself.<\/span><\/p>\n<h3><span style=\"color: #000000;\"><strong>RBI Grade B Live Course \u2013 What all is included in the Course?<\/strong><\/span><\/h3>\n<ol>\n<li><span style=\"color: #000000;\"><strong>Covers Complete Syllabus for Phase 2 (ESI, F&amp;M)\u00a0<\/strong><\/span><\/li>\n<li><span style=\"color: #000000;\"><strong>Phase 1 (GA)<\/strong><\/span><\/li>\n<li><span style=\"color: #000000;\"><strong>Weekly Live Classes and video lectures for ESI, and F&amp;M<\/strong><\/span><\/li>\n<li><span style=\"color: #000000;\"><strong>10 Live Practice Sessions\u00a0<\/strong><\/span><\/li>\n<li><span style=\"color: #000000;\"><strong>Complete Notes for ESI, F&amp;M<\/strong><\/span><\/li>\n<li><span style=\"color: #000000;\"><strong>Weekly Live Classes for GK<\/strong><\/span><\/li>\n<li><span style=\"color: #000000;\"><strong><a href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=hny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">10 (Phase 1)<\/span><\/a> + <a href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=hny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">25 (Phase 2)<\/span><\/a> Mock Tests\u00a0<\/strong><\/span><\/li>\n<\/ol>\n<p><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.oliveboard.in\/blog\/rbi-grade-b-online-preparation\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Read the blog for complete details of the Cracker Course<\/strong><\/a>.<\/span><\/p>\n<p>You can enrol for the <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-online-coaching\/?ref=hny\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>course<\/strong><\/a><\/span> using the link given below:<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=hny\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #3366ff;\"><em><strong>Enrol here for RBI Grade B Cracker Course<\/strong><\/em><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 4th of September 2019, RBI released a circular on its official website concerning the linking of interest rates on<\/p>\n","protected":false},"author":50,"featured_media":44099,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,31,62,5221,2586,320],"tags":[],"class_list":["post-44087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-bank-exams","category-government-exams","category-homepage-featured","category-notes","category-rbi-grade-b","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI Press Release - External Benchmark Based Lending - 4th Sep, 2019<\/title>\n<meta name=\"description\" content=\"In RBI Press Release\/circular, it has asked banks to link its floating interest rates on certain loans to an external benchmark. 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