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Micro Finance Institution loan relief to start from November

The distribution of cheques to women for repaying their MFI (Micro Finance Institution) and bank loans will start from November this year.

Micro Finance Institution loan

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  22 Oct 2021 1:52 AM GMT

 Phase one of the scheme will benefit 11 lakh women

STAFF REPORTER

GUWAHATI: The distribution of cheques to women for repaying their MFI (Micro Finance Institution) and bank loans will start from November this year.

Honouring the promise that the BJP-led alliance had made in the run-up to the last Assembly election, the first Cabinet meeting of the new government decided to exempt the debt-trapped women from loans taken from MFIs and banks. The Cabinet also formed a committee with Minister Ashok Singhal as its chairman to devise a way to relieve the women from MFI and bank loans.

Talking to The Sentinel, Finance Minister Ajanta Neog said, "The State Government under the leadership of Chief Minister Himanta Biswa Sarma has launched the Assam Micro Finance Incentives and Reliefs Scheme, 2021 to women who could not repay MFI and bank loans.

"The government has decided to start the distribution of cheques from November. Phase one of the scheme will benefit 11 lakh all over the state. Each woman will get up to Rs 25,000 in this phase. It will relieve the women of the pressure they get from MFIs and banks."

The State Government did sign an MoU (Memorandum of Understanding) with 38 MFIs and banks to exempt the women who could not repay loans from MFIs and banks. Chief Minister Himanta Biswa Sarma was present at the signing of the MoU with MFIs and banks.

Meanwhile, addressing election rallies at various areas under Thowra LAC today, Chief Minister Himanta Biswa Sarma declared that the distribution of cheques to women for MFI and bank loan repayment would start from the Sivasagar District.

Also read: Dispur signs MoU with 38 microfinance institutions, banks

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