Microfinance loans of up to Rs 75,000 will be waived by the Assam Government, announced Chief Minister Himanta Biswa Sarma in Dibrugarh on Monday.
Addressing the gathering in Dibrugarh on the occasion of ceremonial distribution of no dues certificate to beneficiaries, the Assam CM held out a certificate saying, "Here it is clearly stated that the principal amount of Rs 5,000 and the interest on it of Rs 4,000, that is a total of Rs 9,000 has been paid by the government and accordingly the credit history has been updated."
"Now the customer does not owe any further amount to us [bank]. This means that the bank has specified that the customer does not owe any amount to them. So, this is your complete NOC here," he further said.
Meanwhile, CM Sarma announced that the government will look into those cases where the beneficiaries registered under the scheme owe larger amounts to banks. He said that the government will get back to such cases in a few months and loans of up to Rs 75,000 will be waived by the government as soon as possible.
Speaking there, the Assam CM said, "Today, I know you have also taken a lot of trouble, but there will be some here whose NOCs have not been handed to them. They will come to me and say that I had a loan of Rs 27,000, Rs 28,000, Rs 40,000, Rs 50,000… I want to tell these women that we will arrange for your financing within a few months."
He further mentioned that the government has to allocate some funds for this first then it will be ready to get to back to such cases of larger loan amounts owed to banks.
"I have to clear some funds first, after that I will even call those with loans of up to Rs 75,000. So, in the meantime, even if any banks come and ask for their money back, tell them that no one has to pay even a penny. Now, what I have said will come out on televisions, so you can record and keep it as proof that the CM has promised to clear the loan amounts of up to Rs 75,000 because I will provide your NOCs as soon as possible," said CM Sarma.
He then added, "So tell them that they don’t have to feel sad. No bank will come and ask for their loans to be paid back. I have already called the bank officials and met them in my office and told them to not bother these women. However, there are some people who sometimes cause problems, then please tell them that in the coming months, our loans will be paid by the government."
It may be noted that the state government has invested an amount of Rs 2,000 crores to clear the dues of 12 lakh borrowers since 2021. This will ensure that the creditworthiness of women entrepreneurs who had been stuck with large loans and interests, will be able to begin borrowing from a a clean slate.
Taking to X, Himanta Biswa Sarma wrote, "With the ashirwad of Hon’ble PM Shri @narendramodi ji, our Sankalp of ending the culture of exploitative micro finance lending is close to fruition. With today’s distribution of no due certificates, Assam has invested ₹2,000 cr to clear dues of 12 lakh borrowers since 2021."
"The creditworthiness of these women entrepreneurs who were once trapped with exorbitant interest rates now begins with a clean slate. To support their industrious aspirations, through our SHG network, the Assam government will henceforth organise seed funding of ₹10,000 onwards," added the post.