Satin Creditcare Network Ltd Receives First Tranche Under Category III of AMFIRS from Assam Government

Satin Creditcare Network Limited ("SCNL"), a leading microfinance institution in India, has announced that they have 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 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 March 31, 2021, who were not covered under Categories I and II of the scheme.

Commenting on the roll out of third phase, Mr. HP Singh, Chairman cum Managing Director of Satin Creditcare Network Limited, expressed his thoughts, "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. 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."

Shares of Satin Creditcare Network Limited was last trading in BSE at Rs. 238.30 as compared to the previous close of Rs. 240.15. The total number of shares traded during the day was 82442 in over 1699 trades.

The stock hit an intraday high of Rs. 251.05 and intraday low of 237.50. The net turnover during the day was Rs. 20083990.00.

Source : Equity Bulls

Keywords

SatinCreditcareNetwork INE836B01017 FirstTranche AMFIRS MFI AssamGoverment FinancialRelief MicrofinanceBorrowers