Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | RBI lifts interest cap on microfinance institutions, bans usurious rates    </title>
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Borrower cannot be charged any amount not been explicitly mentioned in a factsheet, says regulator.

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                            <p style="text-align:justify">-Business Standard</p><p style="text-align:justify"><em>Borrower cannot be charged any amount not been explicitly mentioned in a factsheet, says regulator.</em></p><p style="text-align:justify">The Reserve Bank of India (RBI) on Monday released its final guidelines for microfinance loans, lifting an interest cap and allowing companies to have a board-approved policy to price for such lending.</p><p style="text-align:justify">The RBI will continue checking that microfinance institutions do not charge usurious rates. The regulator said each entity has to disclose pricing related information to borrowers in a standardised simplified factsheet. A borrower cannot be charged any amount that has not been explicitly mentioned in the factsheet.</p><p style="text-align:justify">Also, it has revised the definition of microfinance loans as a collateral-free loan given to a household having annual household income up to Rs 300,000. Currently, a microfinance borrower is identified by annual household income not exceeding Rs 125,000 for rural and Rs 200,000 for urban and semi-urban areas.</p><p style="text-align:justify">Please <a href="https://www.business-standard.com/article/finance/rbi-lifts-interest-cap-on-microfinance-institutions-lists-rules-122031400594_1.html?fbclid=IwAR1lmnJ3gsoRBKQKboJjNTLgEdqlpEPHAq39REom-wTsFcHP1kzR2YqUeJw" title="https://www.business-standard.com/article/finance/rbi-lifts-interest-cap-on-microfinance-institutions-lists-rules-122031400594_1.html?fbclid=IwAR1lmnJ3gsoRBKQKboJjNTLgEdqlpEPHAq39REom-wTsFcHP1kzR2YqUeJw">click here</a> to read more.&nbsp;</p>                                                           
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    <h1 class="cat-box-title">RBI lifts interest cap on microfinance institutions, bans usurious rates</h1>
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                            <p style="text-align:justify">-Business Standard</p><p style="text-align:justify"><em>Borrower cannot be charged any amount not been explicitly mentioned in a factsheet, says regulator.</em></p><p style="text-align:justify">The Reserve Bank of India (RBI) on Monday released its final guidelines for microfinance loans, lifting an interest cap and allowing companies to have a board-approved policy to price for such lending.</p><p style="text-align:justify">The RBI will continue checking that microfinance institutions do not charge usurious rates. The regulator said each entity has to disclose pricing related information to borrowers in a standardised simplified factsheet. A borrower cannot be charged any amount that has not been explicitly mentioned in the factsheet.</p><p style="text-align:justify">Also, it has revised the definition of microfinance loans as a collateral-free loan given to a household having annual household income up to Rs 300,000. Currently, a microfinance borrower is identified by annual household income not exceeding Rs 125,000 for rural and Rs 200,000 for urban and semi-urban areas.</p><p style="text-align:justify">Please <a href="https://www.business-standard.com/article/finance/rbi-lifts-interest-cap-on-microfinance-institutions-lists-rules-122031400594_1.html?fbclid=IwAR1lmnJ3gsoRBKQKboJjNTLgEdqlpEPHAq39REom-wTsFcHP1kzR2YqUeJw" title="https://www.business-standard.com/article/finance/rbi-lifts-interest-cap-on-microfinance-institutions-lists-rules-122031400594_1.html?fbclid=IwAR1lmnJ3gsoRBKQKboJjNTLgEdqlpEPHAq39REom-wTsFcHP1kzR2YqUeJw">click here</a> to read more.&nbsp;</p>                                                           
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Borrower cannot be charged any amount not been explicitly mentioned in a factsheet, says regulator.

The Reserve Bank of India (RBI) on Monday released its final guidelines for microfinance loans, lifting an interest cap and allowing companies to have a..."/>
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    <h1 class="cat-box-title">RBI lifts interest cap on microfinance institutions, bans usurious rates</h1>
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                            <p style="text-align:justify">-Business Standard</p><p style="text-align:justify"><em>Borrower cannot be charged any amount not been explicitly mentioned in a factsheet, says regulator.</em></p><p style="text-align:justify">The Reserve Bank of India (RBI) on Monday released its final guidelines for microfinance loans, lifting an interest cap and allowing companies to have a board-approved policy to price for such lending.</p><p style="text-align:justify">The RBI will continue checking that microfinance institutions do not charge usurious rates. The regulator said each entity has to disclose pricing related information to borrowers in a standardised simplified factsheet. A borrower cannot be charged any amount that has not been explicitly mentioned in the factsheet.</p><p style="text-align:justify">Also, it has revised the definition of microfinance loans as a collateral-free loan given to a household having annual household income up to Rs 300,000. Currently, a microfinance borrower is identified by annual household income not exceeding Rs 125,000 for rural and Rs 200,000 for urban and semi-urban areas.</p><p style="text-align:justify">Please <a href="https://www.business-standard.com/article/finance/rbi-lifts-interest-cap-on-microfinance-institutions-lists-rules-122031400594_1.html?fbclid=IwAR1lmnJ3gsoRBKQKboJjNTLgEdqlpEPHAq39REom-wTsFcHP1kzR2YqUeJw" title="https://www.business-standard.com/article/finance/rbi-lifts-interest-cap-on-microfinance-institutions-lists-rules-122031400594_1.html?fbclid=IwAR1lmnJ3gsoRBKQKboJjNTLgEdqlpEPHAq39REom-wTsFcHP1kzR2YqUeJw">click here</a> to read more.&nbsp;</p>                                                           
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    <br><a href="https://www.business-standard.com/article/finance/rbi-lifts-interest-cap-on-microfinance-institutions-lists-rules-122031400594_1.html?fbclid=IwAR1lmnJ3gsoRBKQKboJjNTLgEdqlpEPHAq39REom-wTsFcHP1kzR2YqUeJw" class="re" target="_blank">Business Standard, 14 March, 2022, https://www.business-standard.com/article/finance/rbi-lifts-interest-cap-on-microfinance-institutions-lists-rules-122031400594_1.html?fbclid=IwAR1lmnJ3gsoRBKQKboJjNTLgEdqlpEPHAq39REom-wTsFcHP1kzR2YqUeJw</a><div class="clear"></div>
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RBI lifts interest cap on microfinance institutions, bans usurious rates

Published on Mar 14, 2022   Modified on Mar 16, 2022

-Business Standard Borrower cannot be charged any amount not been explicitly mentioned in a factsheet, says regulator. The Reserve Bank of India (RBI) on Monday released its final guidelines for microfinance loans, lifting an interest cap and allowing companies to have a board-approved policy to price for such lending. The RBI will continue checking that microfinance institutions do not charge usurious rates. The regulator said each entity has to disclose pricing related information to borrowers in a standardised simplified factsheet. A borrower cannot be charged any amount that has not been explicitly mentioned in the factsheet. Also, it has revised the definition of microfinance loans as a collateral-free loan given to a household having annual household income up to Rs 300,000. Currently, a microfinance borrower is identified by annual household income not exceeding Rs 125,000 for rural and Rs 200,000 for urban and semi-urban areas. Please click here to read more.

Business Standard, 14 March, 2022, https://www.business-standard.com/article/finance/rbi-lifts-interest-cap-on-microfinance-institutions-lists-rules-122031400594_1.html?fbclid=IwAR1lmnJ3gsoRBKQKboJjNTLgEdqlpEPHAq39REom-wTsFcHP1kzR2YqUeJw

Tagged with: Loans MFIs microfinance microfinance institutions RBI Reserve Bank of India usurious rates

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