RBI today asked banks to ensure that Micro Finance institutions (MFI) comply with the cap on individual loans and margin cap in order to be eligible to classify such loans under priority sector.
Cap on individual loans, RBI said is the average Base Rate of five largest commercial banks by assets multiplied by 2.75 per annum or cost of funds plus margin cap, whichever is less.
The average of the Base Rate is advised by RBI.
The central bank further said from April 1, the margin cap should not exceed 10 per cent for MFIs having loan portfolio exceeding Rs 100 crore and 12 per cent for others, as against 12 per cent for all hitherto.
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Accelya gets international IT award
* Accelya, a provider of financial and business intelligence solutions to the airline industry, has been voted as the 'IT Company of the Year 2014'.
The company received the prize at the Air Transport News Awards held in Istanbul last week.
The award was based on votes cast by airline executives and evaluation by a panel of industry experts, chaired by former Secretary General of the Association of European Airlines Ulrich Schulte-Strathaus, a company release said here today.
The key parameters to judge the winner included its financial performance in 2013, new products launched, social responsibility and contribution to society and innovation, it said.
The awards, given annually in various categories, are the only international prizes in the air transport industry.
Accelya helps airline and travel companies manage their financial processes and gain insights into their business performance.
