Assam government to spend Rs 3,500 crore to provide relief to around 11 lakhs microfinance borrowers

assam, Assam government, assam cabinet, assam micro finance incentive, himanta biswa sarma

Assam government will spend close to Rs 3500 crore to provide relief to around 11 lakhs microfinance borrowers who are making regular payments to banks. The process will start from Sunday onwards.

Assam chief minister, Himanta Biswa Sarma said, “The first phase which will encompass those making regular payments will start from Sunday onwards. We will spend Rs 3500 crore in this phase.”

The Assam Cabinet had approved the process of cheque distribution who are regularly paying.

Sarma said, “In the second phase around Rs 4000 crore will be spent whereby people seeking complete waiver will be given money. For this a portal will be opened and those willing to avail the benefit may apply.”

Government of Assam had signed an MOU with Microfinance Institutions for implementation of Assam Micro Finance Incentive and Relief Scheme (AMFIRS), 2021.

BJP in the run-up to assembly polls early this year promised to waive micro-finance loans.

Sarma said, “Putting money in the hands of people is good for the economy as people will take more loans after repayment and there will be spending in the market.”

The Chief Minister earlier said that under the scheme borrowers who have been repaying regularly with Zero Days Past Due will be provided a one-time incentive to the extent of their outstanding balance, subject to a cap of Rs. 25,000.

Similarly, borrowers whose payments are overdue, that is the accounts which are overdue but not NPA, the state government will pay the overdue amount. All such borrowers will be encouraged to make timely instalment payments so that their accounts remain standard and credit culture is reinforced.

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