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March 31, 2001 		Feedback  
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RBI lowers rates on deposits of finance firms

The Reserve Bank of India (RBI) announced on Saturday it had told non-banking financial companies (NBFCs) to lower the maximum interest rate on deposits from April 1.

"Taking into account the market conditions and changes in other interest rates, the maximum rate of interest that NBFCs can pay on their public deposits has been reduced to 14 per cent from 16 per cent," a central bank statement said.

The central bank reduced the bank rate to seven percent on March 1 after the federal government cut the rates on various administered schemes in the budget presented to the Parliament on February 28.

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