New Delhi: The central government is taking all kinds of steps to fight the economic slowdown in the country. RBI also takes relief measures from time to time. In this series, reviewing the monetary policy, the lending limit for Micro Finance Institutions (MFIs) has been increased from Rs 1 lakh to Rs 1.25 lakh from the existing Rs 1 lakh. This move of the central bank will increase the availability of credit in rural and urban areas.

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RBI has raised the eligibility limit of household income for borrowers from non-banking financial companies (NBFCs) or MFIs to Rs 1.60 lakh from the existing one lakh for rural areas and from Rs 1.25 lakh to Rs 2 lakh for urban and urban areas. RBI said that detailed guidelines in this regard will be issued soon.

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Manoj Nambiar, president of MFIN, a platform for microfinance units, welcomed the decision, saying it was a good decision. This shows the change in the income of families since 2015. This will enable customers of microfinance institutions to borrow more than before. He said that microfinance institutions are making a significant contribution to increasing financial inclusion by helping more than 5 crores people. One of the reasons for the slowdown in the country is the decrease in demand in rural areas.

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