BASE RATE I DIFFERENTIAL RATE OF INTEREST SCHEMES I Benchmark Prime Lending Rate(BPLR)

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BASE RATE I DIFFERENTIAL RATE OF INTEREST SCHEMES I Benchmark Prime Lending Rate(BPLR) @PURE BANKING ​

Bank lends money to its customers by loans or advances or other credit facilities. It charges some interest on the lending / credit. Does a bank need to follow any specific rules while providing money to its customers?
Yes, banks follow Base rate system, formulated by RBI. Base rate is the minimum chargeable 
interest for the credit sanctioned to the customer (meaning, no bank can offer loans to its customers below this interest rate).

Base rate system replaced the Benchmark Prime Lending Rate (BPLR) system on July 1, 2010.

Situational Question
Suppose you are an officer in a rural bank. A poor people comes in your branch seeking loan for his house (or some other reason). Can you offer him a loan, bearing interest below the Base Rate?

The answer is YES, if he is eligible for DRI scheme. (criteria described below)
Exclusions
There are some few exclusions, where you can grant loan below base rate, as -
Differential Rate of Interest (DRI) Scheme beneficiaries
Loans to bank's own employees (including retired employees)
Loans to bank's depositors against their own deposits (e.g., granting loan on his own fixed deposit, etc.)
DRI Scheme
As per RBI guidelines, for lending under DRI scheme, banks are required to grant loans at concessional rate of interest to the eligible beneficiaries -
Family income ceiling per annum in rural and urban area should be less than Rs. 18,000 and Rs. 24,000 respectively
Borrower should not be benefited under any subsidy-linked schemes of government
Max. limit of loan - Rs. 15,000. For housing loan, it could be up to Rs. 20,000
Banks are required to lend 1 % of their total outstanding advances under DRI Scheme every year.

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Your queries:-
What is differential rate of interest scheme ?
What is the rate of base rate ?
Who determines PLR ?
What is BPLR rate in banking ?
Differential rate of interest RBI circular
RBI master circular on interest rate on advance 2019
Differential rate of interest UPSC
RBI circular on rapo-linked lending rate
RBI guidelines for floating rate of interest
RBI guidelines on interest rates on loans


chapter added:-
00:00 - Intro
00:18 - Base Rate
04:30 - DRI Scheme
06:08 - Conclusion

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