https://www.taxtmi.com/article/detailed?id=10322 The Directions apply to banks, co operative banks and NBFCs and define a microfinance loan as a collateral free household loan to low income households. Regulated entities must adopt board approved income assessment frameworks, submit income data to credit bureaus, and set a repayment policy capped at fifty percent of monthly household income, barring new loans where the cap is exceeded. Pricing requires a documented interest rate model, an interest ceiling, and standardized disclosure to borrowers via a factsheet and loan card; prepayment penalties are prohibited and recovery practices are restricted with grievance mechanisms. en-us Mon, 21 Mar 2022 10:20:14 +0530 Mon, 21 Mar 2022 10:20:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10322 The Directions apply to banks, co operative banks and NBFCs and define a microfinance loan as a collateral free household loan to low income households. Regulated entities must adopt board approved income assessment frameworks, submit income data to credit bureaus, and set a repayment policy capped at fifty percent of monthly household income, barring new loans where the cap is exceeded. Pricing requires a documented interest rate model, an interest ceiling, and standardized disclosure to borrowers via a factsheet and loan card; prepayment penalties are prohibited and recovery practices are restricted with grievance mechanisms. Articles Other Topics Mon, 21 Mar 2022 10:20:14 +0530 https://www.taxtmi.com/article/detailed?id=10322