RBI sets the average base rate for NBFC-MFIs on the basis of average of base rate of the five largest commercial banks.
The systemic impact of HFCs' failures has significantly lessened as the state-run banks got better capitalised.
Despite the setbacks seen in NBFCs, the financial services sector has shown a positive outlook in terms of hiring.
A decision to this effect was taken at a meeting of the Central Board here under the Chairmanship of RBI Governor Shaktikanta Das.
Banks with more than 50 billion rupees (USD 714 million) in assets must appoint a chief risk officer.
The financial system has been grappling with multiple woes in the wake of the turmoil at IL&FS group.