MSME late payment Intrest rate

what is rate of interest 19-20 for late payment to msme party.
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Quick Summary
This discussion clarifies the interest rate applicable for late payments to Micro, Small, and Medium Enterprises (MSMEs) during the 2019-20 period. The prevailing rate is three times the bank rate notified by the Reserve Bank of India (RBI). This means businesses delaying payments to MSMEs will incur interest charges significantly higher than standard bank rates.

Approx. 3times of reate of interest prevailing in Bank
Interest is to be paid at three times the bank rate notified by the RBI.

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