Transmission troubles: An inefficient banking system Customers of Indian banks continue to foot the bill for banking system inefficiencies The idiom foot the bill means - to pay all the costs for something The example in a sentence We ended up having to foot the bill for a new roof because our insurance didn't cover storm damage The Reserve Bank Of India continues to remain unable to influence the effective lending rates in the economy . In February, in its latest statement of intent to resolve poor monetary transmission, the RBI said it would instruct banks to switch base rate customers to the (MCLR) system from April 1, 2018. MCLR vs Base Rate Introduction of MCLR: April 2016 by Scrapping Base Rate System Notable Reasons MCLR is more sensitive to policy rate signals MCLR Supposed to push banks to lower lending rates Rate Of Interest under MCLR and Base Rate System Currently, Rate pattern at SB...