RBI lowers base rate to 7.81 percent

The Reserve bank of India lowered base rate by 15 basis points or by 0.15 percent to  7.81 per cent. Last year it was 8.76 during the same period. On the last working day of every quarter, RBI advises interest rates to be charged by NBFC-MFIs to their borrowers in the ensuing quarter. It is based on the average of the base rates of the five largest commercial banks.