Agartala, May 01, 2025: A training on ‘Microfinance for Administrative Officers’ was held on Wednesday at Pragya Bhavan here in Agartala city bringing together officials from various state departments to discuss the importance of regulation and transparency in the microfinance sector. The session was organized by the Directorate of Institutional Finance and inaugurated by Finance Department Secretary Apurba Roy.
“Our past experience with microfinance companies has not been good,” stated Roy in his inaugural address. “Many people in the state have lost their savings as unscrupulous institutions collected money and vanished. We must be alert. Every official should check the legal status of institutions offering loans and verify if they are accepting money from the public,” he emphasized.
Roy further noted that while microfinance companies do offer financial support, their role extends to advisory services as well. “This meeting is crucial in making everyone aware of how microfinance companies operate and the responsibilities we have as administrators,” he added.
In her welcome speech, Additional Secretary and Director of the Institutional Finance Department, Rakhi Biswas, informed that 28 microfinance institutions are currently active in the state. She highlighted the ongoing confusion among the public due to past financial scams.
“Microfinance should not be confused with MVFCs. Unlike other entities, microfinance institutions do not take deposits; they only provide loans and financial assistance,” Biswas clarified. She stressed, “It is the administration’s duty to ensure that no one is deceived under the guise of microfinance. We must ensure all operations are legal and transparent.”
Dr. Shaibal Pal, Deputy Director of ‘Sadhan’, delivered a detailed PowerPoint presentation explaining the need to verify whether microfinance companies are registered with the Reserve Bank of India (RBI) or affiliated with any Self-Regulatory Organization (SRO).
Amelia Reang, Joint Director of the Institutional Finance department also attended the session.
