- Advertisement -
Home Uncategorized Have loan? Problem paying back? Here is MFI alert that brings some...

Have loan? Problem paying back? Here is MFI alert that brings some relief to borrowers

0

Reserve Bank of India (RBI), in March, had announced a moratorium on repayment of term loans in order to provide relief to loan-takers impacted by the COVID-19 related disruptions. Initially, the moratorium was allowed till May 31 but was later extended till August 31. Now, Microfinance Institutions Network (MFIN) has issued an advisory to its members on engaging with borrowers after the RBI moratorium ended on August 31, 2020. MFIN is an industry association for the microfinance industry.



MFIN members include 56 NBFC-MFIs (Non-Banking Financial Company- Microfinance Institutions) and 40 associates, including banks, small finance banks and NBFCs.

MFIN said the detailed advisory is a reiteration of points covered in Industry Code of Conduct and Code of Responsible Lending such as fair interactions with borrowers, ensuring transparency, training for employees engaging with borrowers, among several others and also covers safeguards for COVID-19.



Also Read: LPG Gas Cylinder Update: Reduction in gas cylinder prices, know what is the rate in your city

“There could be borrowers who might be facing stress. All providers (of microcredit) agree that we must continue to show empathy with these borrowers and allow them time to get on their feet, even though credit discipline is important,” MFIN’s CEO and Director Alok Misra.



Misra adds, “There is a need to handhold those who availed the moratorium and are willing to repay with relevant documents; revised loan card, accrued interest amount, changes in repayment amounts and schedule, tenure, among others.”

MFIN, a RBI-recognised self-regulatory organisation, has a Customer Grievance Redressal Mechanism (CGRM) in place wherein any customer can complain on its toll-free number 1800 102 1080.

- Advertisement -DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com

Exit mobile version