Deadline to submit comments on benchmarking loans to external rates extended to Oct 31

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The Reserve Bank of India has extended time to submit public comments on recommendations of its study group to review the working of the Marginal Cost of Funds based Lending Rate (MCLR) System.

It has now extended the date by six days.

The central bank has extended the submission date to October 31 from earlier October 25, 2017.

The Reserve Bank has received requests from certain sections requesting for more time allowing them to submit their comments on the recommendations of the study group. Accordingly, it has been decided to extend the last date for receiving comments on the report of the study group up to October 31, 2017, the banking regulator said.

On October 4, 2017, the Reserve Bank of India placed on its website the report of the internal study group to make the lending rates linked to an external benchmark to make the transmission of policy rates much more transparent.

Two days later, the banking regulator had put out the study group’s suggestion to link lending rates to three external benchmarks — Treasury Bill rates, the CD (certificates of deposit) rates and the RBI’s policy repo rate – by April 1, 2018 to improve monetary transmission.

The comments on the report may be sent to the Principal Adviser, Monetary Policy Department, Reserve Bank of India, Central Office, 24th Floor, Central Office Building, Shahid Bhagat Singh Marg, Fort, Mumbai 400 001 by post or by email, as per RBI’s website.