Annual Monetary Policy Statement for the Year 2011-12- 3rd May 2011
Part B. Development and Regulatory Policies
II. Interest Rate Policy
75. The Reserve Bank introduced the Base Rate System from July 2010, which replaced the benchmark prime lending rate (BPLR) system. Banks were given time till end-December 2010 to select the appropriate benchmark and other cost parameters for computing the Base Rate. Subsequently, some banks requested for extension of time. Accordingly, banks were permitted to change the benchmark and methodology used in the computation of their Base Rates for a further period of six months, i.e., up to June 30, 2011.
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