Mumbai, June 30 (SocialNews.XYZ) The Reserve Bank of India (RBI) has fixed the average base rate for NBFC-MFIs to be charged from their borrowers at 7.98 per cent for the quarter starting July 1, 2021
The rate has been increased from 7.81 per cent that was applicable in the April-June quarter.
"The Reserve Bank of India has today 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 July 1, 2021 will be 7.98 per cent," said an RBI statement.
The central bank in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that on the last working day of every quarter, it will 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 their borrowers in the ensuing quarter.
Source: IANS
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
This website uses cookies.
