By TC News Desk
Agartala, 30th April 2025: An awareness meeting on microfinance was convened today at Pragya Bhavan here bringing together officials from the state administration. Organized by the Institutional Finance Department, the event was inaugurated by Finance Department Secretary Apurba Roy, who emphasized the importance of vigilance in the microfinance sector.
“Our past experiences with microfinance have not been favorable. Many individuals in the state have lost their savings due to fraudulent institutions that fled after stealing people’s money. It is crucial to ensure that all institutions offering loans to the public are operating legally and transparently,” remarked Roy during his inaugural speech.
Roy further highlighted the dual role of microfinance companies, stating, “These companies not only provide loans but also offer valuable advice on various issues. I hope this meeting will significantly contribute to raising awareness about the role of microfinance companies.”
Additional Secretary and Director of the Institutional Finance Department Rakhi Biswas, in her welcome address, shed light on the current landscape of microfinance in the state. “There are 28 microfinance companies operating here, and confusion persists among the public due to past incidents of financial fraud. However, it is important to distinguish between MVFC companies and microfinance. Microfinance does not take money from people; it solely aims to assist them financially.”
Biswas urged the administration to remain vigilant, stating, “It is our responsibility to ensure that no one falls victim to fraudulent activities associated with microfinance. We are taking steps to prevent illegal operations by these companies.”
The meeting also featured a detailed presentation by ‘Sadhan’ Deputy Director Dr. Shaibal Pal, who underscored the need for verifying the registration of microfinance companies with the Reserve Bank of India (RBI) or their membership in Self-Regulatory Organizations (SROs). Joint Director of the Institutional Finance Department, Amelia Ryan, was also present at the event.
