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International Journal of Creative and Open Research in Engineering and Management

A Peer-Reviewed, Open-Access International Journal Supporting Multidisciplinary Research, Digital Publishing Standards, DOI Registration, and Academic Indexing.
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ISSN: 3108-1754 (Online)
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Peer Review: Double Blind
Volume 02, Issue 04

Published on: April 2026

IMPACT OF RBI'S MONETARY POLICY ON RETAIL LENDING RATES IN INDIA

Lokesh Albert Rohith Pooja

DOI:https://doi.org/10.55041/ijcope.v2i4.962

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Abstract

This paper examines the impact of the Reserve Bank of India's (RBI) monetary policy on retail lending rates in India, covering the period from April 2015 to March 2024, with a focus on the post-2019 External Benchmark-based Lending Rate (EBLR) regime. The study analyses the evolution of lending rate frameworks from PLR to Base Rate to MCLR and finally to EBLR, evaluates the speed and completeness of monetary transmission across different rate cycles, and identifies structural asymmetries in pass-through. Findings indicate that EBLR has significantly improved transmission speed and completeness, particularly for home loans and MSME credit, though deposit rate stickiness and the residual MCLR portfolio continue to limit full pass-through during easing cycles.

Keywords: RBI Monetary Policy, Repo Rate, MCLR, EBLR, Retail Lending Rates, Monetary Transmission, Interest Rate Channel

How to Cite this Paper

Lokesh, , Albert, , Rohith, & Pooja, (2026). Impact of RBI's Monetary Policy on Retail Lending Rates in India. International Journal of Creative and Open Research in Engineering and Management, <i>02</i>(04). https://doi.org/10.55041/ijcope.v2i4.962

Lokesh, , et al.. "Impact of RBI's Monetary Policy on Retail Lending Rates in India." International Journal of Creative and Open Research in Engineering and Management, vol. 02, no. 04, 2026, pp. . doi:https://doi.org/10.55041/ijcope.v2i4.962.

Lokesh, , Albert, Rohith, and Pooja. "Impact of RBI's Monetary Policy on Retail Lending Rates in India." International Journal of Creative and Open Research in Engineering and Management 02, no. 04 (2026). https://doi.org/https://doi.org/10.55041/ijcope.v2i4.962.

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References


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  • •Published on: May 01 2026
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