Assam Micro Finance Incentive and Relief Scheme 2021 – AMFIRS Microfinance Loan Waiver for Women

Assam government has rolled out an ambitious AMFIRS Microfinance Loan Waiver Scheme for women. The new scheme namely, Assam Micro Finance Incentive and Relief Scheme 2021 is likely to benefit around 24 lakh women across the state. CM Himanta Biswa Sarma has launched Assam Microfinance Loan Maaf Yojana on 28 November 2021.

Assam Micro Finance Incentive and Relief Scheme (AMFIRS) 2021

CM announced the beginning of Assam Micro Finance Incentive and Relief Scheme 2021 (AMFIRS) on Nov 28 and ceremonially handed over cheques to five beneficiaries from Sonitpur district. CM mentioned that “We are able to fulfil our election promise of microfinance loan relief within 6 months from returning to power and the state government will continue to march forward with the same zeal in the future as well.”

Assam Microfinance Loan Maaf Benefits

The Assam Microfinance Loan Maaf Scheme 2021 will benefit 24 lakh women in the state. Around 59,468 of the beneficiaries of AMFIRS Microfinance Loan Waiver Scheme will be from Sonitpur district who will receive a one-time incentive amounting from Rs. 16,000 to Rs 25,000 each.

AMFIRS Microfinance Loan Waiver Scheme Phase 1 Launch

The chief minister inaugurated the first phase of AMFIRS Microfinance Loan Waiver Scheme for those borrowers, who have been repaying their debt regularly. CM said “They will be provided with a one-time incentive up to Rs. 25,000 or the outstanding balance, whichever is less. This is an incentive for them to maintain good credit discipline. Altogether, 11 lakh women will benefit in this phase of the programme”.

On 29 November and 30 November 2021, beneficiaries of eight districts — Sonitpur, Charaideo, Sivasagar, Jorhat, Majuli, Golaghat, West Karbi Anglong and Dima Hasao — are provided with their due incentives through account payee cheques. The Assam Cabinet had on 30 September 2021 approved Rs. 1,800 crore to waive microfinance loans availed by poor women in the first phase.

Assam Microfinance Loan Maaf Scheme Phase 2

In the second stage, benefits of Assam Microfinance Loan Maaf Scheme will be extended to borrowers whose payments are overdue by less than 90 days and loan accounts are not classified as non-performing assets (NPA). The state government will pay the overdue amounts to borrowers in these cases. Borrowers whose accounts have become NPA will be covered in the third phase of Assam Micro Finance Incentive and Relief Scheme 2021. The government will consider providing partial or full relief based on evaluation.

Pre Election Promise for Assam Microfinance Loan Waiver Scheme

During the assembly election campaign in March-April 2021, CM Himanta Biswa Sarma had said all the microfinance loans of women would be waived if the BJP-led coalition returned to power, but after assuming the office he said it was a “political statement, but not a government promise”. The opposition parties had attacked the government for its “U-turn” in waiving the loans as promised by the BJP and said the saffron party has “cheated” the people.

The state government had on August 24 signed an agreement with 38 microfinance institutions and banks for a Rs 12,000-crore AMFIRS. While presenting the state budget for 2021-22, Assam Finance Minister Ajanta Neog had said almost 26 lakh borrowers took loans worth Rs 12,500 crore from various MFIs and the bulk of this portfolio is in rural areas.

Source / Reference Link: https://www.newindianexpress.com/nation/2021/nov/28/assam-government-rolls-out-microfinance-loan-waiver-scheme-for-24-lakh-women-2389254.html

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