MFIN to further tighten norms for micro-loans from January 2025

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MFIN to further tighten norms for micro-loans from January 2025 - Business Standard

Quick Summary:

The microfinance sector currently caters to the financial needs of nearly 80 million low-income clients.

While a validated voter ID will continue to be the primary identity document for customers, the sector has set an ambitious target to seed permanent account numbers (PAN) for 50 per cent of borrower accounts by March 2025.

Additionally, apart from processing fees and credit life insurance, no other charges can be deducted from the sanctioned loan amount, MFIN said.