NBFC-MFIs chargeable interest rate fixed at 9.89% for Sept qtr

The Reserve Bank today fixed the applicable rate of interest charged by NBFC-MFIs at 9.89 per cent for the quarter beginning tomorrow.

"It is hereby brought to the notice of all concerned, including the NBFC-MFIs, that the applicable rate for the quarter beginning July 1, 2015 is 9.89 per cent," RBI said in a statement.

The central bank had earlier said that average of the base rates of the five largest commercial banks shall be advised by it 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.