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Satin Creditcare Network (SCNL) has received the first tranche of Rs. 14.77 crore under the category III of the Assam Micro Finance Incentive and Relief Scheme 2021 (AMFIRS).
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 25,000 as of 31 March 2021, who were not covered under Categories I and II of the scheme.
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