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Kolkata, July 29 (PTI) Apex refinancing agency Nabard today said the micro-finance institutions (MFIs) should charge lower interest rates than what they do at present. "The MFIs are charging interest rates of almost 25 per cent. This should come down to 20 per cent," chairman of Nabard U C Sarangi said. Speaking to reporters on the sidelines of the Ficci Banking Conclave here, he said, the disbursement target for the current fiscal was Rs 40,000 crore, compared to Rs 34,000 crore in the previous fiscal. Out of Rs 40,000 crore, Rs 27,000 crore would be for short-term credit and Rs 13,000 crore as long-term credit. Sarangi said that Nabard had started a pilot project in Tamil Nadu, involving 2,000 self-help groups, where agri-loans were disbursed through post offices. To a query, he said that there were no plans to hike interest rates.
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