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of <h1>RBI's 2016 Guidelines on Interest Rates for Advances: Framework for Scheduled Banks, Excluding Rural and Foreign Branches.</h1> The Reserve Bank of India issued the 'Interest Rate on Advances' Directions, 2016, under the Banking Regulation Act, 1949. These apply to all scheduled commercial banks in India, excluding regional rural banks and foreign branches. The guidelines establish a framework for determining interest rates on advances, including the use of internal benchmarks like the Base Rate and Marginal Cost of Funds based Lending Rate (MCLR). Banks must develop a comprehensive policy on interest rates, approved by their Board of Directors. The Directions also cover the transition from previous interest rate systems and outline exemptions for certain loan categories.
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