..........A quick look at why the base rate mechanism is relatively more transparent than its predecessor (PLR) would be in order. Banks are not allowed to lend below their base rates to any borrowers. Hence, if market rates dip below the base rate, they have no choice but to drop base rates to get consumers. Base rates of banks currently range from 9.7 per cent and upwards. On top of the base rate, the bank charges a spread...........
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