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Assam Govt Signed MoU with MFIs to Implement AMFIRS 2021

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On August 24, 2021, As per the report of the Microfinance Institutions Network (MFIN), the Assam government (govt) signed a Memorandum of Understanding (MOU) with 37 microfinance lenders for joint implementation of the AMFIRS (Assam Micro Finance Incentive and Relief Scheme), 2021 relief scheme in Guwahati, Assam.

  • Objective: To provide financial relief to more than 20 lakh poor women borrowers of the state, who are not able to return the loan amount to the microfinance institutions (MFIs).

Key Points:

i.The AMFIRS, 2021 scheme involves a credit portfolio of Rs 12,000 crore, out of which, the state govt plans to spend around Rs 7,200 crore.

ii.The MoU includes the duties and responsibilities for the state government and lenders (viz, 6 universal banks, 25 NBFC-MFIs (Non-Banking Financial Company-MFIs), 2 NBFCs, and 4 Small Finance Banks) for the scheme implementation. The MoU will be effective till March 31, 2023.

Features of AMFIRS:

i.The scheme was introduced in June 2021 to provide financial relief from the state govt to make the overdue payment for the regular repaying microfinance borrowers who are now under overdue due to COVID-19.

ii.The borrowers will be provided with a one-time incentive of Rs 25,000 or equal to the outstanding balance, whichever is lower, to help the borrowers in maintaining good credit discipline.

iii.The state has around 14 lakh microfinance borrowers up to June, 2021.

Recent Related News:

On May 8, 2021, Jishnu Barua, Chief Secretary, Assam launched a real-time Digital – Flood Reporting and Information Management System (FRIMS). With this launch, Assam became the 1st state in India to adopt an online flood reporting system.

About Microfinance Institutions Network (MFIN):

In 2014, MFIN was recognised by the Reserve Bank of India (RBI) as India’s 1st Self-Regulatory Organization (SRO) for the NBFC-MFIs.

Establishment –  2009
Headquarters – Gurugram, Haryana
CEO & Director – Dr. Alok Misra

About Assam:

Chief Minister – Himanta Biswa Sarma
Wildlife Sanctuaries – Chakrashila Wildlife Sanctuary, Burachapori Wildlife Sanctuary
Tiger Reserves – Manas Tiger Reserve, Nameri Tiger Reserve