Floating Rate permitted.
1998-99: PLR made ceiling for loans upto Rs.2 lakh 1999-00: Tenor linked PLR Introduced 2001-02: PLR made benchmark rate; sub PLR permitted for loans above Rs.2 lakh 2002-03: Bank-wise PLRs made transparent on RBI website 2003-04: Computation of Benchmark PLR rationalized tenor linked PLRs abolished  As the banking system has been liberalised and become increasingly market-oriented and financial markets have developed concurrently, the conduct of monetary policy has also been tailored to take into account the realities of the changing environment (switch from direct to indirect instruments).