What is the benchmark for the interest rate on retail loans currently?
Answer 
Answer
Answer
The RBI was expected to replace the marginal cost of funds-based lending rate (MCLR) with an external benchmark for fixing retail loan interest rates, as it had stated in its previous monetary policy. However, in it policy statement today, the central bank deferred the decision.
Thus, loans are currently being disbursed on internal benchmarks, i.e., base rate, benchmark prime lending rate (BPLR) and marginal cost of funds-based lending rate (MCLR).