New Delhi, April 25 (IANS) Microfinance Institutions Network (MFIN) — the self-regulatory body of the Reserve Bank-regulated non-banking finance companies (NBFCs) and microfinance institutions (MFIs) — on Tuesday launched a financial literacy mobile app for microfinance clients.
The app was launched here in the presence of BJP’s member of Parliament Meenakshi Lekhi and the Small Industries Development Bank of India (SIDBI) Deputy Managing Director Manoj Mittal.
The application has been released on Android platform and will be available in six languages, including Hindi, Marathi, Telugu, Tamil and English.
“We are launching a multi-lingual financial literacy app which will act as a guide and ready reckoner for the underbanked and unbanked population from low income households in the country,” MFIN Chief Executive Ratna Vishwanathan said at the launch event.
Improving financial literacy in this segment is absolutely necessary to avoid the danger of over indebtedness, she added.
The financial literacy app is designed to help microfinance clients understand the dynamics involved in microfinance, including credit history, interest rates, repayment cycles and their rights as borrowers.