Assam Deal On Waiving Small Loans Soon, Says Chief Minister

The loan waiver will mostly consist of reliefs and incentives for nearly 22 lakh debtors so as to not hamper their CIBIL scores, Assam Chief Minister Himanta Sarma said.

Assam will soon sign a Memorandum of Understanding (MoU) with microfinance institutions (MFI) active in the state as promised earlier to compensate or waive off microfinance loans taken by women of the economically weak sections, Chief Minister Himanta Biswa Sarma said The loan waiver - which was one of the poll promises made by then finance minister Himanta Biswa Sarma ahead of the state elections this year - will mostly consist of reliefs and incentives for nearly 22 lakh debtors so as to not hamper their CIBIL scores, he said. The chief minister, while speaking to the media in Guwahati, said, "We will ink MOU with companies dealing in microfinance on Saturday." In the state budget for the current fiscal year, Rs 7,500 crore was earmarked against the total outstanding of Rs 12,000 crore.