Start learning 50% faster. Sign in now
The MCLR (Marginal Cost of Funds based Lending Rate) is the minimum lending rate below which a bank is not allowed to lend. The MCLR system superseded the previous base rate mechanism in determining commercial bank lending rates. The MCLR system uses marginal cost of funds, tenor premium, operating costs and cost of carry in CRR to determine the lending rate. The Reserve Bank has imposed a penalty of Rs 27.5 lakh on Punjab & Sind Bank for non-compliance with certain directions issued by it on external benchmark-based lending. A statutory examination of Punjab & Sind Bank revealed non-compliance with the directions, inter-alia, to the extent the bank linked certain floating rate retail loans and floating rate loans to micro and small enterprises, extended by it after October 1, 2019, to MCLR instead of an external benchmark.
Consider the following statements:
I. Iran and Belarus are likely to be the two newest additions to the Shanghai Cooperation Organisation (SCO)
Which AI-powered tool was developed by IIIT-Delhi to identify anti-ageing molecules?
Ayush market with trade interest of more than ₹590 crores generated at the ‘1st SCO Conference & Expo on Traditional Medicine’ in which city?
In which Indian state is the Pench Tiger Reserve (PTR) located, recently designated as India's first Dark Sky park?
Union Commerce Minister Piyush Goyal has announced the launch of an e-platform · for Indian exporters that is expected to facilitate new export...
The United States provided how much aid to Bangladesh as part of the 6th amendment of the Development Objective Grant Agreement (DOAG)?
Which startup of India has won Earthshot Prize 2022?
Who has been re - elected as the President of the country Bulgaria?
What is the primary objective of the 'SafaiMitra Suraksha Shivirs' organized under the 'Swachhata Pakhwada - Swachhata Hi Sewa 2023' initiative?
In which medium is the speed of sound the highest?