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Assam signs MoUs with 38 micro-finance bodies to help borrowers
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SME Times News Bureau | 25 Aug, 2021
In a bid to provide succour to 14 lakh microfinance borrowers, mostly
poor women in Assam, the state government has signed MoUs with 38 Micro
Finance Institutions (MFIs) and Banks, officials said here on Wednesday.
An
official said that the Finance Department has signed the MoUs with the
38 MFIs and the Banks on Tuesday to implement the Assam Micro Finance
Incentive and Relief Scheme (AMFIRS), which was framed to provide relief
to poor women borrowers who are not able to return the loan amount of
MFIs.
The MoUs would remain in force till March 31, 2023.
Assam
Chief Minister Himanta Biswa Sarma said that the new scheme would
involve Rs 12,000 crore credit portfolios, out of which the state
government would be required to expend around Rs 7,200 crore.
Amongst
the prominent MFIs and Banks that signed the MoUs include Microfinance
Institutions Network, North East Small Finance Bank, Association of
Small Finance Bank of India, Nightingale Finvest Private Limited,
Grameen Development and Finance Pvt Ltd, North East Micro Finance
Association, Bandhan Bank Ltd, Arohan Financial Services Ltd, HDFC Bank
Ltd, Fusion Microfinance Pvt Ltd, L&T Financial Services and Asirvad
Microfinance Ltd.
The Chief Minister said that the Assam
government in its first cabinet meeting in May formed a committee under
the chairmanship of Housing and Urban Affairs Minister Ashok Singhal to
fulfil its election promise of waiving micro-finance loan to provide
succour to poor women who are not able to return the loan amount.
"Accordingly,
AMFIRS has been devised with an objective to balance long term view of
ensuring continuity of micro-finance for supporting economic activities
of low income and poor households in the state and providing relief to
eligible customers for tiding over current stress in the micro-finance
sector due to various operational reasons," he said.
According to
the MoUs, the CM said that relief under the scheme shall be extended to
all borrowers to the extent of loans from up to three lenders and for
loan amounts of up to Rs 1.25 lakhs only.
The Chief Minister also said that many people in the state are stressed by private money lenders.
"Keeping
this in view, the state government decided to promote borrowing through
MFI and Banks only that carry out their operations strictly adhering to
RBI guidelines.
The CM also urged the MFIs and Banks to maintain fair practice code of RBI while disbursing loans in future.
Dr Sarma at the same time called upon the people to ensure judicious utilization of borrowed money, the statement said.
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| Customs Exchange Rates |
| Currency |
Import |
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US Dollar
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| As on 22 Jan, 2026 |
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