Microfinance body to launch helpline for AP customers

Borrowers can now dial in 040-40011095 for help

PTI | February 2, 2011



The apex body of microfinance institutions (MFIs) today said it is launching a helpline number for borrowers in Andhra Pradesh as an initiative towards self-regulation.

The number (040-40011095) will be active from tomorrow and is expected to benefit more than 9 million customers in state, one of the key markets for the micro-lenders, Micro Finance Institutions Network ((MFIN) said in a statement.

MFIN represents 44 RBI-registered microfinance firms, which are facing a tough time in the state due to stringent regulations brought in by the government here in the wake of suicides by borrowers due to alleged coercive recovery methods.

"The helpline will not only assist the customers to express their concerns and issues, but also provide the 15 RBI -registered NBFCs, which are members of the MFIN-AP chapter, a platform to connect with their customers," MFIN CEO Alok Prasad said.

To make the system transparent, a registration number will be issued to customers, who can avail of the service by providing loan passbook or loan card account number, MFIN said.

MFIN has suggested to MFIs to process customer requests through their database. "Based on the nature of the complaint, the response time to process the client's request will be informed by the respective MFI to MFIN and the customer simultaneously," the release said here.

Customers, if unsatisfied with the response, can raise the issue again with the same helpline number, it said, adding if complaints are made about unregistered entities, they will be brought to the Government's notice.

 

Comments

 

Other News

How the mind can help the body heal itself

Why do some people recover from illness against all odds? Can our beliefs, emotions and consciousness influence the body’s ability to heal? Drawing on over three decades of experience in medicine, research and medical innovation, internationally trained ophthalmologist and author Dr Dinesh Verma ex

1,364 anti-cancer formulations to cost less from today

The National Pharmaceutical Pricing Authority (NPPA), under the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has capped trade margins on the Maximum Retail Price (MRP) of 137 anti-cancer drugs. This was based on the recommendations of an Expert Committee constitute

Who checks the books?

I read about the news about the Coimbatore library over coffee this morning. On the face of it, the headline was about a political ‘war’ between the DMK and TVK. But what stayed with me was something much more important than the blame game behind what had transpired. A writer walking through

Development paradox: Falling poverty miracle and an inequality problem

India’s reduction in poverty over the past decade is a development achievement of considerable significance. The World Bank’s April 2026 ‘India Development Update’ estimates that the share of Indians living below the international extreme-poverty line of $3.00 per person per day i

In Arunachal, a river we call mother

In Arunachal Pradesh, the Siang is not just a river. For many of us, especially the Adi people, it is part of our family. Our grandparents fished in it. Children learned to swim in it. Our farms drink from it. When someone says a huge dam will be built on it, we do not hear the word "project".

A new retelling of the Mahabharata delves into key moments

In a time when every decision carries consequences and questions of ambition, power, loyalty, identity and moral choice continue to shape our lives, Dr. Arun Krishnan’s new book, ‘Mahakshana’ (Penguin India) offers a strikingly relevant retelling of the Mahabharata.  

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter