The conversation between human and AI assistant.
DISSRTTN : What is meant by Marginal Cost of Funds based Lending rate (MCLR) (With an example if possible)?
How frequently can banks revise their MCLR?
Banks are required to review and revise their MCLR on a monthly basis, based on changes in their cost of funds. However, banks can only change their MCLR in specific intervals, such as monthly or quarterly, and must provide adequate notice to their customers for any changes in the interest rates.