With respect to banking system in India, which of the following statements is/are correct?
- Base rate is the minimum interest rate, at which Commercial banks charge their customers on loans borrowed.
- Bank rate is the rate at which RBI gives loans to Commercial banks for longer period of time.
Select the correct option from the codes given below:
Both 1 & 2 are correct statements.
This question is a part of GKToday's Integrated IAS General Studies Module