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  Business   Market  28 Jun 2019  RBI sets average base rate of 9.18 pc for NBFC-MFI borrowers for July quarter

RBI sets average base rate of 9.18 pc for NBFC-MFI borrowers for July quarter

PTI
Published : Jun 28, 2019, 3:20 pm IST
Updated : Jun 28, 2019, 3:20 pm IST

RBI sets the average base rate for NBFC-MFIs on the basis of average of base rate of the five largest commercial banks.

RBI in a circular in 2014 had communicated to NBFCs and MFIs regarding pricing of credit on last working day of every quarter.
 RBI in a circular in 2014 had communicated to NBFCs and MFIs regarding pricing of credit on last working day of every quarter.

Mumbai: 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 in a release.

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.

Tags: non banking financial companies, micro finance institutions, reserve bank of india, base rate, nbfc, mfi
Location: India, Maharashtra, Mumbai (Bombay)