Microfinance active loan disbursal spikes to over Rs 3 lakh crore in FY24
Further, the report said 7.26 crore loans were disbursed during FY24 as against 7.17 crore in FY23.
Microfinance body Microfinance Institutions Network (MFIN), on Tuesday launched an android-based application called ‘financial literacy’ for microfinance customers in India. The financial literacy app will be available in multiple languages including Hindi, Marathi, Telugu, Tamil and English.
“Micro credit has contributed in improving microfinance beneficiaries’, especially women’s, financial and social status, it is also crucial that they are aware of their rights and importance of practicing responsible borrowing,” said Ratna Vishwanathan, CEO, MFIN at the inaugural of two-day international conclave ‘Microfinance in Asia – A Mosaic’.
“The app has different literacy modules with audio-visual elements for easy understanding and is designed to work in even low connectivity areas. We hope that through this app we are able to impart financial literacy to microfinance beneficiaries across regions,” said Vishwanathan.
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The aim behind this app is to help clients in understanding the dynamics involved in microfinance including credit history, interest rates, repayment cycles and their rights as a borrower.
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