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₹12,500 Crore Microfinance Loans Outstanding in Assam: Ashok Singhal

A sum amount of Rs 12,500 crore of microfinance loans are outstanding in Assam till March 31 2021,Minister for Guwahati Development, Urban Development and Irrigation Department Ashok Singhal informed on Friday. The sum includes both principal and interest, he added.

Data shared by the cabinet minister states that twenty-six lakh customers having 45 lakh bank accounts have taken loans from 40 lenders. Moreover, 53 per cent of the total outstanding amount of Rs 12,500 crore was lent by banks, followed by 22 cent by Non-Banking Finance Companies (NBFCs) and microfinance institutions, 26 per cent by small finance banks and 16 per cent by regular NBFCs. Also, 19.10 lakh customers have borrowed from one lender, 5.08 lakh from two lenders, 1.54 lakh from three lenders and 60,000 from more than three lenders.

The minister further went on to say that only the loans taken before December 31, 2020 will be waived off. And those with a family income of Rs one lakh, paying income tax, owning four-wheelers or any other such guidelines set by the RBI will not be considered for the waiver of loans.

Ashok Singhal is heading a committee to assess the financial situation for fulfilling the government’s commitment for waiving microfinance loans.

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Written by Headline8 Desk

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