Microfinance Assn submits memo to MP asking support
Source: The Sangai Express
Imphal, June 27 2020:
Micro Finance Association of Manipur (MIFAM), an association formed by seven microfinance institutions, has submitted a memorandum to Lok Sabha MP RK Ranjan requesting to support the Microfinance sector of the State.
MIFAM, in its memo, requested the MP to advise SIDBI and MUDRA to extend moratorium to microfinance institutions as permitted by RBI.
Other requests mentioned in the memo include, SIDBI to relax the bank loan Rating criteria (for North Eastern Region) required to avail the liquidity relief package announced by the Ministry of Finance and the RBI.
To advise all Public Sector Banks, SIDBI, MUDRA, NEDFi and NABARD to sanction additional loans and extend more flexible lines of credit to microfinance institutions.
Also to advise the State Cooperative banks and Manipur rural Bank to extend loans to the microfinance institutions based in the State.