RBI

RBI issues regulatory framework for microfinance loans

RBI regulatory framework for microfinance loans effective from Apr 1

RBI:Lenders must not link microfin loan with borrower's deposit acct

CONTEXT:RBI defines microfin as collateral-free loan to households

CONTEXT:Household income for microfin set at up to 300,000 rupees/yr

RBI:Interest, charges on microfinance loans should not be usurious

RBI:Interest rate on microfin loan subject to supervisory scrutiny

RBI: No penalty on pre-payment of microfinance loans

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