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MoU for implementation of Micro Finance Incentive & amp; Relief Scheme, 2021 signed in Assam; CM Himanta terms it to be historic

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An MoU signed today, August 24, among Assam Financial Department and 38 Micro Finance Institutions (MFI) & banks for implementation of Assam Micro Finance Incentive & Relief Scheme (AMFIRS), 2021.

MoU

Chief Minister Himanta Biswa Sarma tweeted out in regards to this and said that the scheme is sketched out to help poor women who are unable to return loan amount and shall remain in force till Mar 31, 2023. Further, relief will be extended to all borrowers to extend loans from up to 3 lenders & for loan amounts of up to Rs 1.25 lakhs only.

Key Goals of the Scheme

 The scheme aims at

– Providing relief to stressed borrowers to encourage them to regularise their repayments

– Providing partial/full relief from repaying loans to destitute borrowers with no capacity to repay

– Incentivizing borrowers for maintaining good credit discipline

Also Read: Congress MP of Assam denounces CM Himanta led government; Lists failures of the system

Emphasize on Responsible lending by Financial Institutions and eligibility

CM Himanta 1 MoU The North-Eastern Chronicle

Himanta’s Tweet said that the scheme stresses upon responsible lending by financial institutions through compliance of RBI regulations & industry guidelines in letter and spirit. For the eligibility in regards to this scheme, the concerned borrower has to fulfill eligibility/non-eligibility conditions as instructed in the guidelines.

Additionally, a one-time incentive will be provided to the extent of their outstanding balance (subject to a cap of Rs 25000) to the borrowers who have been repaying regularly with Zero Days Past Due.

Accounts that have become NPA

The State Government will only pay the overdue amount for accounts which are overdue but not NPA. Borrowers whose accounts have become NPA will have to register through a format verified & certified by the lender. Government will consider providing partial relief or full relief on the basis of comprehensive assessment.

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