Loan Waivers

Raising deposits to keep pace with loan growth and keeping credit cost low top the agenda for banks

Assam Chief Minister Himanta Biswa Sarma on Saturday rolled out the third phase of a scheme to waive microfinance loans availed by women of the state, benefitting over 2.23 lakh borrowers. Under this phase of the Assam Micro Finance Incentive and Relief Scheme 2021 (AMFIRS), borrowers whose loan accounts turned into non-performing assets would be offered an outstanding principal balance of up to Rs 25,000. "With a total relief cost of Rs 291 crore under this category, the state's womenfolk will once again be able to avail fresh loans for their continued prosperity," Sarma said at an official function here. Altogether 2,22,949 borrowers will benefit from this scheme, he said, adding that the lending institutions will waive the accrued interest and penalties for these women and give them 'no due' certificates immediately. Expressing his gratitude towards the microfinance institutions for agreeing to waive around Rs 300 crore in interest income under the category-III relief measures,

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