Guwahati News Desk: Government of Assam signed Memorandum of Unity (MoU) among Assam Finance Department and 38 Microfinance Institutions (MFI) and banks for implementation of Assam Micro Finance Incentive & Relief Scheme (AMFIRS) 2021 on Tuesday.
The MoU was done as per vision of Prime Minister Narendra Modi on Sabka Sath Sabka Vikas.
The scheme was designed to help poor women who are unable to return loan amount and which shall remain in force till March 21 till 2023.
Relief to be extended to all the borrowers to extent of loans from upto 3 lenders and for loan amount up to Rs 1.25 lakhs only.
The scheme aims at:
1) Providing relief to stressed borrowers to encourage them to regularise their repayments.
2) Providing partial/full relief from repaying loans to destitute borrowers with no capacity to repay.
3) Incentivising borrowers for maintaining good credit discipline.
4) The scheme emphasizes responsible lending by financial institutions through compliance of RBI regulations and industry guidelines in letter and spirit.
5) To become eligible, concerned borrower has to fulfill eligibility/non-eligibility conditions as laid down in the guidelines.
6) Borrowers who have been repaying regularly with Zero Days Past Due will be provided one-time incentive to the extent of their outstanding balance, subject to a cap of Rs 25 thousand.
7) The state government will pay the overdue amount for accounts which are overdue but not NPA.
8) Borrowers who are stressed, destitute & whose accounts have become NPA will need to apply through a format verified and certified by the lender. Government of Assam will consider providing partial relief or full relief based on detailed evaluation.