RBI sets applicable average base rate for NBFC-MFIs at 9.18% for Q2 down from 9.21% in Q1FY2020
The Reserve Bank of India has communicated that the applicable average base rate to be charged by Non-Banking Financial Company - Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning 1 July 2019 will be 9.18%. The RBI had set applicable average base rate at 9.21% for Q1 of FY2020.The Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the average of the base rates of the five largest commercial banks for the purpose of arriving at the interest rates to be charged by NBFC-MFIs to its borrowers in the ensuing quarter.
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