Reserve Bank of India (RBI) notified all concerned including the NBFC-MFIs that the applicable rate for the quarter beginning July 01, 2015 would be 9.89%.

Earlier, RBI  had notified NBFC-MFIs regarding pricing of credit. 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.

On this basis an NBFC-MFI shall charge interest to its borrowers in the subsequent quarter.