Satin Creditcare Network Receives First Tranche Under Category III Of AMFIRS From Assam Government

Satin Creditcare Network Limited (SCNL), a leading microfinance institution in India, announced that it has received the first tranche of Rs 14.77 crores under the category III of the Assam Micro Finance Incentive and Relief Scheme 2021 (AMFIRS), the company announced through an exchange filing.

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 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 March 31, 2021, who were not covered under Categories I and II of the scheme.

"I would like to express my sincere gratitude to the Government of Assam for their support and keeping up with their promise of ensuring creditworthiness among lakhs of people. This agreement has significantly rekindled the potential of microloan borrowers and will undoubtedly continue to reinforce the state's credit and repayment culture," said HP Singh, Chairman cum Managing Director of Satin Creditcare Network Limited.

Satin Creditcare Network Limited shares

The shares of Satin Creditcare Network Limited on Tuesday at 2:53pm IST were at Rs 229.75, down by 0.50 percent.