......The lack of a benchmark for loan pricing (or in other relevant areas) has stemmed from a variety of reasons. Firstly, there has been, justifiably, no specific regulatory effort to create one. The Reserve Bank of India’s (RBI’s) efforts have been directed towards individual banks creating their own benchmark, currently the base rate. I have written enough about how these benchmarks have been rendered ineffective: sector-specific complexities and government interference on loan/deposit pricing have muddied the waters. Until the base rates themselves are reliable, it is pointless to work towards a unified benchmark......
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