Discussion
In case of mortgage financing, the concept of Base Rate was introduced by RBI in:
Answer: B
The base rate system was brought in by the Reserve Bank of India on 1 July 2010, replacing the benchmark prime lending rate system, and it set a floor below which banks could not lend to their customers, including on home loans. It was in turn replaced by the marginal cost of funds based lending rate in April 2016. The other years in the options are not the year of introduction. The answer is 2010, option B. The base rate was meant to make loan pricing more transparent, because it applied to all categories of loans.
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