In December 2011 RBI had issued guidelines for a new category of NBFC called MFI and regulation was issued for supervising them . This was based on so many scam / governance issues which had surfaced in the Micro finance company in India due to lack of Regulation .
Based on the representation received from the MFI Industry RBI has done some modification to the guidelines .
1. Interest rate Ceilling of 26% for Lending by MFI has been now removed looking into the high cost of fund . The spread between the cost of fund and lending rate has been fixed at 4% .
http://rbidocs.rbi.org.in/rdocs/notification/PDFs/CCNOI030812FM.pdf
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