RBI unveils new credit pricing norm for NBFC-MFIs
The new norm will come into effect from the quarter beginning April 01
The RBI has said that the interest rates charged by an NBFC-MFI to its borrowers will be the lower of the following: The cost of funds plus margin. The average base rate of the five largest commercial banks by assets multiplied by 2.75.
The average of the base rates of the five largest commercial banks, the RBI said, would advised by it on the last working day of the previous quarter, which, in turn, would determine interest rates for the ensuing quarter.
The new norm will come into effect from the quarter beginning April 01, says the RBI in a release.
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India Infoline Research Team / 10:47, Aug 24, 2015
In spite of massive improvement in CV demand, standalone revenues for Banco Products Ltd registered muted performance with sales at Rs. 113cr in Q1 FY16.