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Reserve Bank of India removes interest cap for microfinance loans

Annual income criteria for loans hiked to Rs 3 lakh

Topics
Reserve Bank of India | microfinance industry | Bank loans

Subrata Panda  |  Mumbai 



Photo: Bloomberg

The (RBI) has increased eligibility criteria for loans to a household having an annual income of up to Rs 3 lakh while removing the interest rate cap on such loans. It has also asked all lenders to put in place a board-approved policy on pricing.

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First Published: Tue, March 15 2022. 01:01 IST

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