The scheme was introduced in August 2021, wherein the MFIs signed a MoU with the Government of Assam for the joint implementation of AMFIRS with the aim of providing financial relief from the government to the microfinance borrowers in Assam to aid them in continuing to maintain strong credit discipline.

The category III of the said scheme, which is anticipated to have a significant effect, offers support to microfinance borrowers, whose accounts have been classified as non-performing assets (NPAs). Specifically, this category targets NPA borrowers with an outstanding principal amount of up to Rs 25,000 as of 31 March 2021, who were not covered under Categories I and II of the scheme.

HP Singh, chairman cum managing director of Satin Creditcare Network, said: "This agreement has significantly rekindled the potential of microloan borrowers and will undoubtedly continue to reinforce the state's credit and repayment culture.

Having said that, this also demonstrates the intent of the government in working together with NBFC-MFI towards the welfare of microfinance borrowers and ensuring continuity of microfinance to support the economic activities of low-income households. I am also pleased to share that our new portfolio in Assam is performing exceptionally well."

Satin Creditcare Network is engaged primarily in providing micro finance services to women in the rural areas of India who are enrolled as members and organized as joint liability groups.

The scrip fell 2.54% to currently trade at Rs 232.25 on the BSE.