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of <h1>RBI Deregulates Interest Rates on Bank Advances; MSMEs Benefit from 2% Subvention on Loans Up to Rs. 1 Crore.</h1> The Reserve Bank of India has deregulated interest rates on advances, allowing banks to set rates with board approval, following RBI guidelines. Loans to Micro, Small, and Medium Enterprises (MSMEs) are determined by the bank's interest rate structure, considering factors like cost of funds, credit rating, loan tenure, and purpose. The Performance Credit Rating Scheme for MSMEs was discontinued in December 2018. The Interest Subvention Scheme for Incremental Credit to MSMEs 2018 provides a 2% interest subvention on new or additional loans up to Rs. 1 crore. This information was shared by the Union Minister for MSMEs in a Lok Sabha session.
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