The Reserve Bank of India (RBI) has announced major changes to rules governing microfinance loans lent by banks and NBFC-MFI entities.

The big relief is that now the same rules apply to banks and NBFCs. Earlier, the rules applied only to NBFCs.

Also, for borrowers, the household income limit to qualify has been raised to Rs 3 lakh.

Also Read: RBI releases new microfinance lending guidelines; all entities, banks, 7 NBFC-MFIs brought under similar rules

Watch the accompanying video of CNBC-TV18’s Latha Venkatesh for more details.

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