On Friday, the RBI said, "The applicable average base rate to be charged by non-banking financial companies and microfinance institutions (NBFC-MFIs) to their borrowers for the quarter beginning July 1, 2019, will be 9.18 per cent." And so with effect from July 1, 2019, the borrowers of loans from both micro finance institutions and NBFCs will be charged 9.18% interest as the RBI has asked these entities to set this as the average base rate.

For these institutions, the lending rate is set basis the average of base rate of the five largest commercial banks.

"In recent times, there have been animated discussions on the precision of statistical methods. The doctrine - even tradition - of statistical significance in scientific research has come under some cloud for its veracity and the journal American Statistician published a special edition on this issue earlier this year. Critics allege that these tests are susceptible to manipulation in order to make desired results significant, and undesired results non-significant. Further, some important results may be discarded at the conception level itself just because they are highly unlikely," said Das.

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