It was communicated by Reserve Bank in its circular dated February 7, 2014 issued to NBFC-MFIs regarding pricing of credit, that the average of the base rates of the five largest commercial banks shall be advised by the Bank on the last working day of every quarter, for the purpose of arriving at the interest rates to be charged by an NBFC-MFI to its borrowers in the ensuing quarter.

It is hereby brought to the notice of all concerned including the NBFC-MFIs that the applicable rate for the quarter beginning July 01, 2016 is 9.44 per cent.

Ajit Prasad
Assistant Adviser

Press Release: 2015-2016/3045