Aajeevika Microfinance Yojana (AMY) [Livelihood Microfinance Scheme]
To provide Micro Finance to eligible Scheduled Caste persons at reasonable rate of interest through NBFC-MFIs to pursue small/micro business activities.
Eligibility For Target Group
Applicants should belong to Scheduled Castes.
The Annual Family Income of applicants should be below Rs. 30.00 lakhs for both rural and urban areas.
Eligibility For NBFC-MFI
The Last Mile Financier i.e. NBFC-MFI fulfilling the following norms shall be considered eligible to avail financial assistance from NSFDC:
- The NBFC-MFI should be registered with the RBI as Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI).
- NBFC-MFI should be following all RBI norms related to Micro Finance.
- The NBFC-MFI should have 3 years of continuous profit track record.
- The NBFC-MFI should have Gross Non-Performing Assets (NPA) less than 2 % and net NPA below 0.5% as per their Annual Accounts for the preceding financial year.
- The NBFC-MFI should be a member of a Credit Bureau.
- The NBFC-MFI should have minimum Capacity Assessment Rating of mfr5 by CRISIL or its equivalent.
- The NBFC-MFI should not have defaulted in repayment of outside borrowings in the last three years or undergone a corporate debt re-structuring.
- The NBFC-MFI should have proper system for internal accounting, risk management, internal audit, MIS, cash management, etc. and its annual accounts should have been audited in the last three years.
- It will be desirable for the NBFC-MFI to have undergone Code of Conduct Assessment (COCA) with a minimum score of 60 or equivalent.
NSFDC & NBFC-MFI Relationship
The shortlisted NBFC-MFI fulfilling the eligibility criteria of NSFDC may be appointed to act as Channelizing Agency (CA) of NSFDC in the selected State/UT. The relationship between NSFDC and the NBFC-MFI shall be governed and guided by contractual relationship by signing an Agreement between the parties strictly in accordance with the NSFDC Lending Policy and the terms and conditions of the Agreement.