The Presidents/Chief Executives
All Microfinance Banks (MFBs)
Dear Sirs/Madams,
Regulatory Relief to Dampen The Effects Of Covid-19 - Prudential Regulations for Micro Finance Banks
Please refer to AC&MFD Circular Letter No. 01 & 04 of 2020; whereby some policy measures were prescribed for MFBs to provide regulatory relief.
2. In order to enable MFBs in extending relief measures to the affected borrowers, following additional relief measures have been taken;
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The Para 3 of the aforesaid circular letter has been revised. The treatment prescribed vide aforesaid circular letter shall now be available for loans which were regular on December 31, 2019. MFBs may accommodate eligible borrowers falling under this category.
Further, each NPL category has been extended by 2-months for borrowers who could not avail relief under the scheme. However, this facility shall stand expired on March 31, 2021.
In order to facilitate microfinance borrowers to avail the deferment of principal repayment or rescheduling / restructuring of loans, microfinance banks shall accommodate the requests via borrower’s authorized email address or call centers equipped with recorded lines for borrowers calling from or contacted by the microfinance bank on their registered numbers.
3. All other instructions on the matter shall, however, remain unchanged.
4. Please acknowledge receipt.