Self-regulatory organization and industry association of the microfinance industry in India Microfinance Institutions Network (MFIN) on Tuesday launched the financial literacy mobile app for microfinance clients.
Launched by Minister of State for Finance Santosh Gangwar, the event witnessed Member of Parliament Meenakshi Lekhi along with Deputy Managing Editor, SIDBI Manoj Mittal in presence.
"Microfinance has played an important role in providing access to easy finance to under-banked and unbanked population from low income households in the country. While micro credit has contributed in improving microfinance beneficiaries', especially women's, financial and social status, it is also crucial that they are aware of their rights and importance of practicing responsible borrowing," said CEO MFIN, Ratna Vishwanathan.
"The financial literacy app has been released on Android platform and will be available in six languages including Hindi, Marathi, Telugu, Tamil and English. It is aimed to help them in understanding dynamics involved in microfinance including credit history, interest rates, repayment cycles and their rights as a borrower," added Vishwanathan.
He said the app has different literacy modules with audio-visual elements for easy understanding and is designed to work in even low connectivity areas.
"We hope that through this app we are able to impart financial literacy to microfinance beneficiaries across regions so that they are well informed while availing micro credit," he added.
The two day conference will be attended by representatives from regional development banks, policy makers, microfinance companies, researchers, investors, banks, telecom companies, and technology providers among others.
Notable speakers at the conclave include N.S. Vishwanathan, Deputy Governor, RBI, Sriram Kalyanaraman, Managing Director and CEO, National Housing Bank and Sudhakar Ramasubramanian, CEO, Aditya Birla Idea Payments Bank Limited and others.