Assam Microfinance Incentive and Relief Scheme was launched in the year 2021 under the leadership of CM Himanta Biswa Sarma. The Assam Government had announced for loan waiver to women who took loans from micro-finance institutions. Back in 2021, the Assam Government had raised this issue as one of their agendas in elections. Later when it came to power, the same was fulfilled.
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Assam Microfinance Incentive and Relief Scheme: Key Features
- The scheme is aimed to provide relief to women loanees from micro finance institutions through loan waivers.
- The proposed structure of the scheme is to disburse the installments in three phases.
- It is a relief to borrowers who could not repay their loans due to the then ongoing pandemic.
- It was initially launched for those loanees who were regularly paying the loan installments.
Phases of Assam Microfinance Incentive and Relief Scheme:
- 1st phase: The 1st phase of the scheme was initiated in the month of November, 2021 in Sibsagar, Jorhat, Sonitpur, Charaideo, Golaghat, West Karbi Anglong, Majuli and Dima Hasao. The women under this phase were provided with a one time incentive of their remaining loan amount or Rs. 25,000, whichever is lower. This phase benefitted around 11 lakh women in the state with a sum of Rs. 18,00 crore.
- 2nd phase: The 2nd phase of the scheme focused to relief those women loanees whose outstanding dues were to be repaid in less than 90 days. It also targeted to provide waiver to those whose loan accounts which were not grouped under non-performing assets. Under Phase-II of Assam Micro Finance Institutions Relief Scheme, a total of 12,590 Category I beneficiaries, in Biswanath District received their cheques. During this phase of the scheme, those borrowers who have been repaying regularly would be benefitted. They will be provided one-time incentive of Rs.25,000/- or outstanding balance, whichever is less. This is an incentive for them to continue maintaining good credit discipline. Total 11 lakh women would benefit during this phase of the scheme.
- 3rd phase: In the 3rd phase of Assam Microfinance Incentive and Relief Scheme, the scheme provided relief to those accounts which have turned out to be non-performing assets. In a recent Cabinet meeting in September, 2023 the Assam Government had taken 2.5 lakh beneficiaries into account for loan waiver. In this phase the total allocated fund is Rs. 291 crore. In this phase itself the 3rd phase beneficiaries were also given a ‘No Dues Certificate’ stating their dues clearance and an acknowledgement to the micro finance institutions.
Microfinance Institutions included for loan waiver:
The following Micro-finance Institutions are included under the loan waiver scheme:
- 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.
Objectives of Assam Microfinance Incentive and Relief Scheme:
- To provide succour to poor women borrowers who are not able to return the loan amount of Micro Finance Institutions (MFIs).
- 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.
- The Assam Microfinance Investment and Relief Scheme emphasizes responsible lending by financial institutions through compliance of RBI regulations and industry guidelines in letter and spirit, while promoting responsible borrowing and timely repayment culture among customers.
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