MUMBAI (Reuters) – The Reserve Bank of India (RBI) said on Friday the new base lending rate for banks will take effect from July 1.
In mid-February, the RBI had said it would introduce the base rate from April.
According to draft guidelines on the Reserve Bank of India's website, the actual lending rate charged to borrowers would be the base rate plus borrower-specific charges including product-specific operating cost, credit-risk premium and tenure premium.
(Reporting by Neha D'silva; editing by Tony Munroe)
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