MICRO FINANCE: MIRETHEITE RAWKNA?

NEREFS-in mipuite hnena micro finance (MF) hnuaia loan a pekchhuah danah chanchinbu kaltlanga inhnialna hmuh tur a awm ta fo mai a. Ziaktu hmasa lamten micro finance hrim hrim nihphungte an lo tarlang tawh thin niin ka hria a. Chuvangin, tun tumah chuan a bul thut atanga sawi tawh loin micro finance kan tih zinga chi khat micro lending emaw micro credit emaw chungchang kan thlurbing ang. Micro lending/micro credit tih chuan micro finance hnuaia sum tam tham lem lo inpuktir thin hi a ni mai a. Mizorama micro finance kan hriat dan ber pawh a ni nghe nghe.

Hetianga sum puktir thinte hi micro finance institution (MFI) an ti a. MFI tih hian hlawm hnihin a then theih a. Hlawm khat chu hlawkna um ni lem loa mi chanchhe zawkte khaichhuah tumna avang liau liaua pawl din - trust te, society te, cooperative society leh  Section 25 of Companies Act 1956 hnuaia din company (not-for-profit NBFC) te an ni a. A hlawm khat leh chu hlawkna um (for-profit) a Reserve Bank of India (RBI) hnuaia Non-Banking Financial Companies (NBFCs) anga inziak lut a, Section 25 of Companies Act 1956 hnuaia din company-te an ni. India ramah for-profit NBFC MFI eng emaw zat an awm a. Chung zinga lian ber chu Hyderabad, Andhra Pradesh-a hmunpui nei SKS Microfinance Ltd. a ni. SKS Microfinance phei hi chuan August thla khan Initial Public Offering (IPO) hlawhtling takin a siam nghe nghe a.  India rama MFI zinga IPO issue hmasa ber a ni. MFI zingah RBI hnuaia NBFC anga inziak lut chu tlemte chuah an nih laiin, micro finance-a sum vir vel zawng zawng zaa sawmriat zet an chang thung.

An kalphung tlangpui

MFI-ho hian a tlangpuiin nationalised bank leh commercial bank atangte bakah financial institution, a bik takin NABARD leh SIDBI vel atangin Micro-Finance scheme hnuaiah loan an la tlangpui a. 9-14%pa velin emaw an la ngei ang.  “Micro-Finance scheme hnuaiah,” ka tih hian a hranpa liau liau chuan bank-ho hian MFI-te tan dah hran chu an nei lo mai thei. Mahse, bank-te hian an loan pek chhuah theih zawng zawng zat atanga 40% vel chu priority sector loan an tih, loneitute leh small-scale industry-te tan an zuah a ngai a. Hemi hnuaiah hian, priority sector lending a ngaih a nih miau avangin, MFIs hnenah hian loan an pekchhuak ta thin a ni.

A chunga tarlang ang hian MFI-ho hian kum khata 9-14% vel punga bank atanga loan an hmuh kha a tlangpuiin 20-30% velin an customer-te hnenah an pechhuak ve leh ta thin a. An customer-te kan tih hian self-help group (SHG) te an ni tlangpui. 

NEREFS chungchang bik

North Eastern Region Finservices Ltd. (NEREFS) hian RBI hnuaiah NBFC anga inziak lut a, registration number te pawh mumal taka nei niin an insawi a. An official website nerefs.com-ah erawh RBI hnuaia an in ziahluhna registration no. emaw an scheme hrang hrang leh interest rate te emaw tarlan a ni lem lo. Eng pawh ni se, an registration neih chu a nung (valid) ngei turah ngai ila.

An interest lak zat

Seltu tam berte tawngkam atanga a lan danin an interest sang uchuak lutuk hi kan helhtlan ber niin a hriat a. RBI-in interest rate reng reng kum khat bi (annualized) a tarlan tur a tih lain an brochure/leaflet en chuan an interest rate hi a thla bi (per month) a tarlan niin 2.5% a ni.  Tin, interest rate tarlan hi RBI pawmpui bank-te leh NBFC dangte ang loin simple/flat interest rate niin fixed method a lak a ni. Hei hi NEREFS hnathawkte sawi dan chuan an customer tam zawkte chu lehkha zir sang lem lo an ni a; chuvanga an hriat thiam theih dan tura tarlan/chhut chu a ni. An thil sawi hi a dik ngei turah pawh ngai ang.  

An chhut dan chuan Monthly Interest 2.5% a nih chuan kum khatah chuan 30% a ni ta mai a. Rs 50,000/- kum khat chhunga rulh zawh tur entirna hmangin chu chu sawifiah dawn ta ila. A vaia thla 12 interest chu Rs 15,000/- niin, principal leh interest belhkhawm chu Rs 65,000/- a ni a. Rs 65,000/- hi thla 12-a semsawm chuan thla tin Rs 5,417/- (rounded off) emaw kar tina rulh tur chuan kar 51-a sem niin, a chhuak chu Rs 1,275/- (rounded off) a ni. Tichuan kar 51 an rulh char char chuan an rulh tawpna berah Rs 25/- a chuan dawn avangin a kar tawpna berah chuan Rs 1,250/- rulh tur a ni ang.

Interest Rate dik tak zawk chu

Bank EMI (Equated Monthly Installment) chhut dan pangngaiah erawh diminishing balance method hmangin reducing interest lak a nih thin avangin Rs 50,000-ah chuan kum khat chhung chuan 2.5%pm/30%pa a nih chuan total interest Rs 8,492.28 chauh tur a ni. Tin, a tir lama EMI-ah principal aiin interest a tam zawk thin a (eg. 1st EMI-ah chuan P= Rs 3,624.36 + I= Rs 1,250), rulh zawh dawn hnaih lamah a principal a tam tual tual laiin a interest a tlem tual tual thung (eg. 12th EMI-ah chuan P= Rs 4,755.47 + I= 118.89).

A awmzia chu kum khat interest 30% (2.5%pm) inang rau rauah pawh loan rulh dan chhut dan pangngaiah chuan thlatin rulhna Rs 4,874.36 a nih laiin NEREFS-ah chuan flat/fixed interest an lak avangin Rs 5,417/- lai a ni bik ta daih a ni. An pek chhuah zawng zawng pawh 11.12% (Rs 65,000-58,492.32=Rs 6507.68) laiin a inthlau.

Interest rate an tarlan dan pawh hi a dik chiah lo. Chhut dan pangngaiah total interest Rs 8,492.28 a nih laiin NEREFS-ah Rs 15,000 a ni a. Chuvangin, an Real Rate of Interest chu 2.5% per month emaw 30% per annum ni loin, 4.29% per month emaw 51.44% per annum emaw daih a ni.

A awmzia chu NEREFS hian bank atanga loan a lakte diminishing balance method hmanga reducing interest-a a rulh laiin, mipuiin NEREFS-ah fixed interest an chhung lut ta ruih ruih mai a ni.

A tlangpuiin MFI-ho interest hi a sang hlawm em em deuh vek a. MFI zinga lian ber SKS pawh hian flat interest 12.5-15.0%, chu chu bank chhut danah chuan kum khatah 22.32%-26.62% vel an la ve tho a. MFI-ho kalphung a ni ve hrim hrim. Bank pangngaiho nena khaikhin chu a dik ber dawn loh avangin, an anpui SKS-in flat interest 15% a lak lain NEREFS chuan a let chiah 30% a la tihna a nih deuh tak mai chu.

Hmasawnna thar

Hetianga an interest a san uchuak em avang hian a puktu lamin an zo leh ta thin lo a. State thenkhatah phei chuan MFI-te hian an hnen atanga loan la, rul tha lote thin nan tihluihna leh tharum (coercion) an hman thin avangin loan lak rul tha leh thei lote zingah mahni intihlum sawi tur an awm ta fo mai. Andhra Pradesh state phei chuan tun hnai lawk October 15, 2010 khan he mi chungchangah hian dan (ordinance) a siam thar ta hial reng a. He Ordinance hi ‘Andhra Pradesh MicroFinance Institutions (regulation of money lending) Ordinance, 2010’ tih niin, an state chhunga MFI awm tawh phawt chu sawrkar-ah an inziahluh a ngai tawh dawn a. Tin, MFI zingah coercive measures hmanga ba thing an awm a, man chhuah an nih phei chuan kum thum chhung lungina tan emaw, pawisa fai cheng nuai khat chawi emaw, a pahnih emaw hian hrem theih an ni ang. Hetianga India rama state lian ber zinga mi meuhin hma a lak tak siah chuan, RBI pawhin he dan siam a nih tuk chiah October 16, 2010 khan MFI-te kalphung zirchiang tur leh interest rate sang tak tak an lak thinte ngei pawh a tihhniam dan kawng dap turin RBI-a Central Board of Director-te awmna sub-committee a din ve ta nghe nghe a. He committee hian thla thum chhungin report a thehluh dawn a ni.

Chuan engtin zel?

Bank rates chu kan hre vek, mahse an hnen atanga loan lak chu a har em em. Lak mai theih chu ni se tuma’n NEREFS an pan lo ang. Bank-ho chuan direct-a mipuite hnena loan pekchhuah a, hmut let leh loh tam tak awm thin aiin, recovery records nei tha MFI-ho hnena a hlawma pek chhuah a, hmuh let leh zung zung an duh zawk ngei ang. Tin, priority sector tana an target tur 40% an phak loh pawh a, MFI tana loan an pekchhuah chhiar tel a nih miau avangin anni tan chuan an tih tur hlenna awlsam leh tha a lo ni zel bawk si a.

Tin, MFI-ten mi chanchhe zawkte loan an pek hian a tlangpuiin 95% chunglam an hmu let leh ngei ngei an ti a, NEREFS-ah phei chuan 99% a ni. Hetia an recovery rate a that em avang hian bank-ho tan pawh MFI-te hnena loan pek chhuah hi a chakawm zek zek ang tih chu hai rual a ni lo. MFI an pun belh zel a, an hlawk zawh poh leh bank-ho an hlawk dawn tihna a nih mai hmel. 

A pawimawh ber chu India hian MFI-hoin loan/credit facility an kalpui danah uniform regulatory framework tha tawk tak, mirethei zawkte veng theitu tur duang chhuak vat se a tha ber. Tunah hi chuan micro finance hmingpu sia loan an pek dan hi chu thlirna tlang khat atang chuan “dan hnuaia miretheite rawkna chi khat” a tih loh theih loh. Sawrkar laipui lah chuan miretheite chhanchhuana programme-ah ngaiin MF hi a ngai pawimawh phian mai si a. 

Bank tam tak chuan MFI-te interest rate lak thin hi diminishing balance method-a chhutin 24%pa bak pel lo tura siam an rawt hlawm a. Chutih rualin, RBI hian bank-te chu MFI-ho loan an pekchhuahin, MFI-hoin loan an pekchhuah ve lehna tur bituksak turin a lo ti tawh thin a. Mahse, tu bank mahin an la zawm thei tak tak lo chu a nih rih hmel. Central Bank ber hian an interest rate hi a cap-sak ngam tak tak meuh ang em tih zawk a ni. MFI-ho pawh, bank-ho pawh, a tu a te pawh hlep duh vek an ni bawk si a, an inthlungkual vek bawk nen. MFI-te hian credit rating agency (CRISIL, ICRA etc.)-te atangin ratings la ngei se; tichuan interest sang uchuak an la la fo a nih pawhin an ratings a hniam tawh dawn avangin bank atanga loan hmuh thar belh a harsa tawh ngei dawn a, chu chuan an interest lak thin a hnukhniam lo thei lo dawn a ni.

Engtikah nge kan state hian keini aia fing zawk, lian zawk leh changkang zawk Andhra Pradesh hnung hi a zui ve dawn le?

Defined Contributory Pension Scheme: Mizoram tana thil thar

Tun hnai lawka Mizoram Cabinet thut khawm chuan September 1, 2010 leh a hnu lam zawnga sawrkar hnathawk nghette tan Defined Contributory Pension Scheme (DCPS) hman ve tawh turin a rel tih kan hre theuh awm e. Pension tih chuan miin a hna a chawlhsan hnua thla tin installment emawa pawisa a lak thin hi ti ila a chiang mai awm e. Sorkar hnathawkte tan bika sawi kan nih dawn avangin penison lak tan kum pawh kum 60 a ngaih tur a ni ang. Tin, a nawlpuiin kan hriatthiam theih nan technical lo thei ang bera sawifiah kan tum bawk ang.

DCPS chungchang kan sawi hmain tuna pension kalphung kan hman mek, defined benefit hi han sawi hmasa phawt ila:

Defined Benefit

A tlangpuia sawi chuan pension hi chi hnih - defined benefit leh tuna scheme hman thar tura tih defined contributory scheme an tih te a awm.

Defined Benefit Pension Plan hnuaiah hi chuan sorkar hnathawkte chu an pension hnua an thla tin pension lak zat tur kha a chhut dan (formula) awmsa atangin a hriat nghal mai theih a. Chuvangin an benefit (pension) tur kha defined (/hriat) a ni. Chu chu an thawh rei zawng te, an pension hmaa an thla bi hlawh zat  leh an kum zat atang te a tehin chhut a ni a. A tlangpuiin an pension dawna an thla bi hlawh lak hnuhnun ber chanve vel a ni tlangpui. Tin, pension an lak theihna tur hian an thawh tirh atang khan thla tin a tlem berah an thlatin hlawh zaa 6 tal an lo thawh ve char char a, an thawhzat chiah hi sorkarin lo thawhpui vein a tam berah zaa 12 thleng a lo thawhpui ve thei. An pension huna thla tina pawisa an lak tur zat chu an khawlkhawm tling emaw tling lo emaw, a formula awmsa atanga an dawn tur bithliah chu an dawng tho tho thin a. A hnathawkte pension atana sorkarin sum  a  senral thin hi amaha intum thei (funded) emaw peipun (invested) a nih ngai bawk si loh avangin tu sorkar tan mah kalpui reng theih a ni lo a. India ram mai ni lo, ram changkang tam zawkten an kalpui tawh loh a ni. A bik takin thawhchhuah nei mang lo, keini, Mizoram Sorkar ang tan phei chuan a insensothlak turzia chu a hriatthiam theih mai awm e.

Defined Contribution Pension Scheme

 

Defined Contribution Pension Scheme hnuaiah hi chuan sorkar hnathawkte chu mi pakhat tan pension account hran theuh hawnsak an ni ang a. Employee-in a khawl/thawh ngai zat biathliah fel sa thlap a ni ang a, chutiang bawkin sorkarina a tumsak ve tur pawh biathliah fel sa a ni ang. An account-a pawisa awm chu peipun (invest) a ni ang a. A pung (return) that leh that loh a zirin an pension dawna an account theuha pawisa awm zat (balance)-in nakina an pension lak theih zat tur pawh a hril tawh dawn a ni. Tichuan, employee tin te account-a pawisa chhun luh (contribution) chu hriat mai theih (defined) a ni ang a; nakina an pension lak theih zat tur (benefit) erawh formula hmang emawa hriat lawk mai theih a ni dawn tawh lo a nih chu.

Sawi tawh angin tun hma zawnga hman thin, defined benefit pension scheme kha chu sorkar tana phurrit (liabiltity) belchhah zual zeltu mai a nih avangin Government of India chuan a siamthat (revise) dan tur ngaihtuah turin June, 2001 khan high level expert group a din a. He expert group hian a report chu February, 2002 khan sawrkar laipuiah a thehlut a. Hetiang deuh bawk hian state-te tana pension liabilities lo punlun chho zel chungchang pawh January, 2003-a Reserve Bank of India-a neih, State Finance Secretaries Conference-a ngaihtuah tura put luh a ni zui ta a.  He thil hi zirchian ngei a tul tih hriain Reserve Bank of India chuan February, 2003 khan a zirchiangtu tur Group a din ta nghe nghe a ni.

Tichuan, Central Sawrkar chuan Defined Benefit Pension System thlak nan New Defined Contributory Pension Scheme chu December, 2003 khan a rawn tichhuak ta a, he scheme thar hi New Pension Scheme (NPS) tih a ni. NPS hi January 1, 2004 a hman tan niin, hei hian he mi ni leh a hnulam zawnga central sorkar hnuaia goverment service zawm thar zawng zawng a huam a; Armed Forces hnuaia mite erawh a la huam rih lo. Tin, hetianga Government of India berin a hman tak si avang leh RBI-in Group a dinin rawtna a siamte behchhanin, state eng emaw zah - Andhra Pradesh, Tamil Nadu, Kerala, Gujarat, Madhya Pradesh adt. chuan an hmang tan der tawh a ni. Kan bul hnaia mi, Nagaland Sorkar paw’n January 1, 2010 leh a hnu lama zawnga an state sorkar hna zawm tharte tan a hmang thar ve leh tawh.

India rama bank leh non-banking financial company (NBFC) kan tihte tan Reserve Bank of India (RBI) te, Stock exchang leh mutual fund te tan Securities and Exchange Board of India (SEBI) te leh insurance company bikte enkawl tur leh dan (acts) hmanga kaihruai tur atana Insurance Regulatory and Development Authority of India (IRDAI) te Government of India-in a din hrang thliah thliah ang bawk hian, India rama pension lam reng reng ngaihtuah tur bik leh he NPS ngei pawh enkawltu leh dan (act) hmanga kaihruaitu, Pension Fund Regulatory & Development Authority (PFRDA) chu August 23, 2003 khan Goverment of India chuan a din nghe nghe a ni.

New Pension Scheme kalphung tlangpuite

Tun dinhmunah eng ang chiahin nge Mizoram Sorkarin a kalpui dan tur hriat chian la ni rih lo mah se, defined contributory pension scheme a hmang dawn a nih chuan PFRDA dan leh kaihhruaina te zawmin New Pension Scheme (NPS) hi a hman ve a ngai dawn a ni.

He scheme hi kalpui a nih dawn chuan PFRDA leh Central Record Keeping Agency (CRA) atana Central Sorkarin a ruat, National Securities Depository Limited (NSDL) tena ruahmanna an siamte pawh zawm ve ngei a ngai dawn a.  Employee tin te chu Permanent Retirement Account Number (PRAN) pek an ni ang a. Pension chungchanga an chanchin kimchang chu computer-ah (web based) record fel takin vawn that a ni ang. Hei hi New Pension Scheme PRAN Information System (NPS-PIS) tih a ni.

NPS hnuaiah hian account chi hnih - Tier-I leh Tier-II te a awm ang. September 1, 2010 leh a hnu lam zawnga Mizoram Sorkar hnuaia government service zawm tharte chuan Tier-I Account-ah pawisa an dah (contribute) ngei ngei tur a ni. Tier-II Account-ah hi chuan dah ngei ngei ngei a ngai chuang lo a, Government servant mi mal duh leh duh loh a zir a ni ang.

Tier-I ah hian Government servant-in Basic Pay leh Dearness Allowance (Dearness Pay tiamin) belkhawm za zela sawm (10%) a thawh thin ang a. Hei hi a thla tin hlawh atanga cut-sak (deduct) tur niin, a thawhzat chiahin Sorkar chuan a lo do let (matching contribution) ve zel dawn a ni. Entir nan, Basic Pay leh DA 10% kha Rs 1000 a nih chuan Rs 1000 dang chu sawrkarin lo thunsak ve zelin, thla tina a Tier-I A/c a dahluh tur chu Rs 2,000 a ni dawn a nih chu. Tier-I a compulsory-a pawisa dah ngai bakah, Tier-II Account-ah govt. servant-in pawisa a dah/khawl a nih pawhin Tier-II hi chu sorkarin a do let ve lo ang.

Pension Tier-I Account-a pawisa dah luh leh a pung (investment returns) awm reng reng lakchhuah (withdraw) theih a ni lo ang.  Tier-II Account erawh govt. servant duh thu a zirin khawih chet theih a ni ang.

Tuna Defined Benefit Pension leh GPF awm ang hi September 1, 2010 leh a hnu lam zawnga sorkar hna zawm tharte tan chuan a awm ve tawh lo ang.

Employee-ten an pension account-a pawisa an khawlte lo peipung tur hian PFRDA kan tih hnuaiah hian Pension Fund Manager (PFM) an awm a. Tunah hian PFM pasarih an awm mek, chungte chu LIC Pension Fund Limited, SBI Pension Funds Pvt. Limited, UTI Retirement Solutions Limited, IDFC Pension Fund Management Co. Limited, ICICI Prudential Pension Funds Management Co. Limited, Kotak Mahindra Pension Fund Limited leh Reliance Capital Pension Fund Limited te an ni.

Pension Account pawisa peipunna hi  mi mal zelina an thlan turin investment scheme chi thum siam a ni a. Chungte chu Options A, B leh C te niin, fixed income instruments leh equities a semsawm an nih dan zulzuia thliarhran an ni. Kan hriatthiam tlan theih turin fixed income intrument kan tih te chu a interest rate fixed - bank’s fixed deposits, bonds & debentures etc.  ang te hi a ni a, equities kan tih chu a interest rate fixed ni lo, positive or negative returns nei thei - ULIPs, stock market (share trading) leh  mutual funds ang te hi a ni.  Govt. servant-ten eng option-ah hian nge dah ila ka tan tha ang, tih an hriat mai theih nan hun kal tawha a lo pun tawh thin dan (past performance) te chu CRA leh PFMs te hian awlsama taka hriatthiam theih turin an tarlang thin dawn a ni.
 
Tier-I Account hi khawih chet theih loh a nih avangin govt. servant-in kum 60 a tlin (or superannuation) hunah chauh account-a pawisa awm te kha lakchhuah tur a ni ang. Account-a pawisa lo tling khawm (a pung nen) atanga za zela sawmli (40%) chu IRDA hnuaia in-register life insurance company eng emaw ber atanga monthly pension emaw lak nan chhun luh ngei ngei tur a ni a, a bak zawng 60% chu a hlawmin a chhuahpui (commmute) theih ang. Monthly pension (annuities) hi pensioner dam chhung zawng emaw, a kawppui emaw, a nu leh pa (dependent parents & spouse) te emaw dam chhung zawk lak theih a ni ang. Kum 60 tlin hmain sorkar hnathawkin a hna a bansan a nih chuan a pension account-a pawisa awm zawng zawng atanga 80% chu annuities lei nan life insurance company-ah a chhun luh ngei ngei a ngai ang a, 20% chauh a chhuahpui theih dawn tihna a nih chu.

A tawp nan, India rama NPS introduced a nihna chhan pakhat hi Mizo mipui tam zawkte financial literacy lama kan la hniamzia ngaihtuah chungin, a nawlpuiin kan hriatthiam theih nan han sawi leh lawk ila. Pension sum khawl hi long-term  investment tak tak a nih avangin sorkar chuan a ram mipuite hlawk zawk nan leh hun kal zela thil man (inflation) san chakziate hre rengin, NPS hi equity exposure neihtir ngei thain a hria a ni. Long term-ah reng reng chuan equity (ULIPS, mutual funds, stocks) hi asset classes hrang hrang zingah chuan a aia che tha thei an awm lo a. Chuvangin, NPS hnuaiah hi chuan mi a pension meuh chuan khawl zat inang rengah pawh tuna pension hlima pawisa a lak theih (GPF etc.) leh thla tina pension (annuities) a lak thin aia tam daih a la thei thin tawh tura ngaih a ni. Entir nan, Lala chuan kum 30 mi a nihin sawrkar hna a thawk tan a. Thlatina a Pension Account-a sum a dah thin zat chu chawhrualin Rs 1,000/- chauh pawh ni ta se, kum 30 chhung chuan Rs 3,60,000/- a dah dawn tihna a ni a. Investmention options-ah hian 50%  equity exposure thleng nei thlan tur a awm dawn avangin, bank FDs rate ai pawhin a pung a sang thei zawk tawh ngei dawn a. Chawhrualin kum tin compound-a punna zat (CAGR) kha 15% vel lo ni ta se, a pension hun kum 60 a lo nih meuh chuan a pension account-ah khan Rs 59,99,483/- lai a lo awm tawh dawn a, equity exposure sang zawk neiin 18% zela pung ang a nih phei chuan Rs 1,11,99,824/- hial neiin, vaiho tihdan takah coreparti a ni thei mai dawn a ni. Tun angah hi chuan hetiang zat zat hi khawlzat inang rengah pawh a tling thei lo hrim hrim a ni.

Sawi zau leh deuh ila, equities kan tih - ULIP te, mutual fund leh share ang chi reng rengte hi long term investment atana hman a fuh ber a. India ramah chuan hun kal tawhah pawh kum 10 aia rei chinah phei chuan loss awm thei lo tluk niin, a return (interest tia sawi a ni ngai lo) pawh chawhrualin kum tin 15-20% (CAGR) a lo ni tawh thin a ni. Investment-ah reng reng past performance ang hi hun lo la awm turah pawh a ni leh dawn tihna a ni kher lo nachungin, kan investment that theih leh theih loh dan hriat nan erawh innghahna atana hman ber pakhat a ni.