Make us nodal agency for NE States: AFC Chairman Vijay Kumar Gupta

GUWAHATI: AFC (Assam Financial Corporation) Chairman Vijay Kumar Gupta has appealed to the State and the Central governments to let the Corporation be the nodal agency to utilize the funds announced by the Central government as the revival package for MSMEs (Micro Small and Medium Enterprises), NBFCs (Non-Banking Financial Companies) and MFIs (Micro Finance Institutions) in Assam and other States in the Northeast.

Talking to The Sentinel, AFC Chairman Gupta said, "The Union Finance Minister has spelt out that Rs 3 lakh crore of the PM's revival package will be spent for MSMEs, NBFCs and MFIs through banks. A portion of the amount will certainly be spent for the revival of such sectors in Assam and the Northeast. The AFC provides financial assistance to Micro, Small and Medium Scale Industries within its jurisdiction covering the north-eastern States of Assam, Meghalaya, Manipur and Tripura through various schemes. Our prime motto is to encourage the indigenous industries of the Northeast. The three target institutions in the Northeast included in the PM's package have been receiving such assistance from the AFC over the years. These three types of institutions don't get big loans from banks.

"Since we're already on the job, if the amount meant for the Northeast is utilized through us, we can well accomplish it benefiting the target institutions. This apart, the report cards of various banks in the Northeast, especially in Assam, is very poor. The credit growth of banks in Assam is just 2 per cent as against 6 per cent all over the nation even as their cash deposit is quite high in the State. This is why the local micro industries come to us for loans. We, therefore, appeal to the Central government to give us the amount for MSMEs, NBFCs and MFIs of the Northeast as loan or otherwise. We can revive the target industries in the region. We're going to write to the Centre as well the State government to make this really happen."

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