Mumbai, June 28 (IANS) The Reserve Bank of India on Friday set an average base rate of 9.18 per cent for non-banking financial companies and micro finance institutions to be charged from their customers for the quarter beginning July 1.
"The applicable average base rate to be charged by non-banking financial companies and micro finance institutions (NBFC-MFIs) to their borrowers for the quarter beginning July 1, 2019 will be 9.18 per cent," RBI said.
The central bank in a circular in 2014 had communicated to NBFCs and MFIs regarding pricing of credit on the last working day of every quarter.
RBI sets the average base rate for NBFC-MFIs on the basis of average of base rate of the five largest commercial banks.
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz