“Usurious” is the word used by RBI Governor Shaktikanta Das in his monetary policy statement today for high interest rates being charged by some micro finance institutions and NBFCs. According to dictionary.com, the word literally means ‘charging illegal or exorbitant rates of interest for the use of money. Strong words by a regulator for a sector it oversees. The Governor also warned that several entities were still charging fees not specified in the Key Facts Statements. In a stark warning to these entities, the central bank warned, “The regulatory freedom enjoyed by the Regulated Entities in respect of interest rates and charges should be used judiciously to ensure fair and transparent pricing of products and services.”