Page 49 - BANKING FINANCE November 2015 ONLINE
P. 49
RBI CIRCULAR
RBI CIRCULAR
Non Banking Financial Company-Micro in arriving at the average cost of funds of the company
Finance Institutions (NBFC-MFIs) - for the purpose of pricing of credit, other than to the
Directions - Modifications beneficiaries targeted by NSFDC. For this, NBFC-MFIs
shall maintain proper record of funds received from
RBI/2015-16/196 NSFDC and the lending out of those funds.
DNBR.CC.PD.No. 069/03.10.01/ 2015-16 4. Appropriate disclosures in this regard shall be made in
the balance sheet of such NBFC-MFIs. The minimum
October 01, 2015 disclosures should include quantum of funds received
from NSFDC, cost of such funds, loans disbursed
To therefrom, rate of interest on such loans and the
All NBFC-MFIs number of beneficiaries.
Madam/ Sir
1. In terms of extant instructions on pricing of credit by 5. NBFC-MFIs shall inform the concerned Regional Office
of the Reserve Bank of India of their appointment as a
MFIs, the maximum variance between the minimum channelising agent by NSFDC within one month from
and maximum interest rate on loans cannot exceed 4 the date of such appointment.
per cent.
Yours faithfully
2. The National Scheduled Castes Finance & Development (C.D.Srinivasan)
Corporation (NSFDC) under the Ministry of Social Justice Chief General Manager
& Empowerment, Government of India, has proposed
to expand its outreach by channelizing funds through Change in Bank Rate
select NBFC-MFIs at lower rate of interest. The
objective of NSFDC is to work for the economic RBI/2015-16/194
empowerment of persons belonging to Scheduled
Castes living below the Double Poverty Line. DBR.No.Ret.BC.42/12.01.001/2015-16
3. In order to enable NBFC-MFIs to act as channelizing September 29, 2015
agents of NSFDC, it has been decided that the The Chairperson / CEOs of all Scheduled Commercial Banks
condition relating to the maximum variance permitted /Regional Rural Banks / Local Area Banks / All Primary
shall not be applicable to loans extended by NBFC-MFIs (Urban) Co-operative Banks / State & Central Co-operative
against funding by NSFDC. The on-lending to individuals Banks (StCBs / CCBs)
by NBFC-MFIs out of funds of NSFDC shall only be
through direct credit to their accounts with banks. Dear Sir / Madam,
Further, NBFC-MFIs shall exclude borrowing from NSFDC The Bank Rate stands adjusted by 50 basis points from 8.25
BANKING FINANCE | NOVEMBER | 2015 | 49
Copyright@ The Insurance Times. 09883398055 / 09883380339