GUWAHATI, March 12: The two Reserve Bank of India (RBI) recognised microfinance industry Self-Regulatory Organisations (SROs) namely MFIN and Sa-Dhan announced a series of redressal measures to address the issues of some stressed customers in the state of Assam with special focus on upper Assam tea garden workers on Thursday.
The measures seek to help customers under stress with a cut-off date as of February 29, 2020 with a flexibility to pay back with a lower monthly payment, at a lower rate of interest and get prompt repayment benefits on regular payment and closure of the existing loan.
Speaking on this, Harsh Shrivastava, CEO MFIN said, “The microfinance sector has provided unsecured, small loans to the underserved segment of the society across 32 states in India. Assam has been the 3rd best state on repayment efficiency in the country as of September 2019. We are delighted to offer these measures to customers who have missed their payments in the last 3/4 months due to various reasons. This has been created after extensive consultations with all stakeholders including clients, our regulator RBI, local associations and also the state government with all types of lenders.”