Mumbai, Mar 31 (IANS): The Reserve Bank of India (RBI) on Wednesday said that Non-Banking Financial Company - Micro Finance Institutions (NBFC-MFIs) will charge an applicable average base rate of 7.81 per cent from their borrowers during the April-June quarter.
The average base rate charged during the current quarter is 7.96 per cent.
"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 April 1, 2021 will be 7.81 per cent," said a statement from the central bank.
The RBI had in 2014 said 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.