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RBI classifies SKS as NBFC-MFI

RBI reclassified company based on its application on January 31, 2013

Prashanth Reddy Chintala  |  Hyderabad 

Limited, the only listed microfinance institution (MFI) in the country, has stated the Reserve Bank of India (RBI) had classified the company as a Non-Banking Financial Company-Micro Institution (NBFC-MFI) (Non-Deposit taking) from its existing status of NBFC (Non-Deposit taking).

The reclassified the company based on its application on January 31, 2013, and subsequent correspondences to this effect, the informed the BSE on Thursday.

SKS chief financial officer, Dilli Raj, told Business Standard this would make the eligible for priority sector lending. Consequently, there would not only be an improvement in funding availability from banks but also interest rates would be comparatively a bit lower.

First Published: Thu, November 21 2013. 18:17 IST