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The Reserve Bank of India (RBI) on Friday increased the household income limits for borrowers of NBFC-MFIs from 1 lakh to 1.25 lakh rupees for the rural areas with an aim to strengthen credit to those in the bottom of the economic pyramid. Similarly, the limit has been increased from 1.6 lakh for urban or semi-urban areas to 2 lakh rupees.
RBI said in a circular that the limit has been increased after taking into consideration the important role played by microfinance institutions in delivering credit to those in the bottom of the economic pyramid and to enable them play their assigned role in a growing economy.
The circular said that the limit on total indebtedness of the borrower has been increased from 1 lakh to 1.25 lakh rupees. #casansaar (Source - RBI, NewsonAir)
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