RBI advises the average of the base rates of the five largest banks as interest rates to be charged by NBFC-MFIs
The applicable average base rate for Non-Banking Financial Company-Micro-Finance Institutions (NBFC-MFIs) to arrive at the interest rates they can charge their borrowers for the quarter beginning 01 January 2015 is 10.09%. This was communicated by the Reserve Bank of India.The base rate for credit by NBFC-MFIs remains same for the fourth straight quarter.
The Reserve Bank had, in its circular dated 07 February 2014 issued to NBFC-MFIs, communicated that it will advise the average of the base rates of the five largest commercial banks on the last working day of every quarter, for the purpose of arriving at the interest rates to be charged by an NBFC-MFI to its borrowers in the ensuing quarter.
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