The Assam government on Tuesday signed MOU with 37 MFIs to provide financial assistance to several poor lakh women borrowers in the state to help them maintain good credit discipline in Covid time by spending more than Rs 7,000 Crore to lenders.
The MoU will remain valid until March 31, 2023.
In the last election, the BJP’s biggest promise is to these female borrowers that after power, the government will release their contributions to the MFI.
Until June this year, there were 14 micro borrowers of women lakh where around 11 lakh had made regular payments or the payment was late, but was not marked as a non-performing asset (NPA).
For this borrower category, the government will pay incentives once to RS 25,000 to provide incentives to the credit discipline.
For the remaining three lakh borrowers, which are stressed, destitute and the account has become NPA, the government will consider providing partial or full assistance based on detailed evaluation.
“The Ministry of Finance of the Government Assam signed MoU with microfinance institutions for the implementation of Assam Micro Incentives and Relief Schemes (AMFIRS), 2021 to provide assistance to poor female borrowers who cannot return the number of microfinance institutions,” said Minister Himanta Buswa Sarma.
“Therefore, the microfinance incentive scheme Assam has been designed with the aim of balancing long-term views to ensure micro-financial sustainability to support low-income economic activities and poor households in the state and provide assistance to customers who are eligible to care for stress when This is in the microfinance sector for various operational reasons, “said the Head of the Minister.
Among MFIs and outstanding banks that have signed the MoU are Micro Finance Institutions Network, North East Small Finance Bank, Bank India’s Small Financial Association, Nightingale Finvest Private Limited, Grameen Development and Pvt.
Ltd., North Micro Finance Association, Bandhan Bank Ltd, Arohan Financial Services Ltd, HDFC Bank Ltd, Micro Micro Pvt Ltd, L & T Financial Services and Asirvad Microfinance Ltd Sarma added that this scheme emphasized loans responsible through compliance with RBI regulations and guidelines Industry in letters and spirits when promoting responsible loans and timely payment culture among customers.
CM also urges MFIs and banks to maintain a fair RBI practice code when channeling loans in the future.
He asked people to ensure wise utilization of loan money.
Speaking of Development, Dr.
Alok Misra, CEO and Director of the Micro Finance Institution Network (MFIN), said “The signing of the MoU after several rounds of discussion was a significant development, indicating the intention of the Government of Assam and microfinance institutions in working unanimously towards the welfare of the financial borrio micro in the state.
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