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Repo Rate and BPLR
In simple words the repo rate is the rate at which banks borrow money from the RBI. In technical terms the word repo means repurchase agreement. Banks typically invest in government bonds or securities, which banks use as collateral to borrow money from the RBI to meet cash requirements for the short-term.
The cost of this short-term loan is the repo rate. So, a reduction in the repo rate means that the banks can borrow money from the RBI at a lower rate.
Cash Reserve Ratio (CRR)
The cash reserve ratio, or the CRR, is the amount of funds the banks have to keep with the RBI. If the banking regulator decides to increase the CRR, the money available with banks comes down. The above mentioned are tools that the RBI uses to control the liquidity in the economy.
On the other hand, bank rate is also the discount rate of interest, which the central bank charges for loans and advances that it extends to commercial banks and other financial intermediaries. These are typically long-term loans.
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Benchmark Prime Lending Rate (BPLR)
The benchmark prime lending rate (BPLR), or the prime lending rate (PLR), is the rate at which the bank lends to prime borrowers. All retail loans are linked to the BPLR or the PLR. So, any change in it will affect the cost at which you take a loan from a bank.