Addressing speculation regarding political favoritism in the Chief Minister Micro Finance Initiative (CMMFI), Imchatoba Imchen, President of the NDPP Central Youth Organization, asserted that the scheme operates without any political influence.
“There is no political involvement or anything of that sort in CMMFI,” Imchen stated when asked about concerns that the scheme benefits individuals with political connections. He made this remark to MT on the sidelines of the NDPP Mokokchung Region Entrepreneurs Awareness Program, organized in collaboration with the Investment and Development Authority of Nagaland (IDAN), at the NDPP Office Conference Hall in Mokokchung on February 10, 2025.
Imchen acknowledged that CMMFI faced significant challenges upon its initial launch, leading to its failure in the first year. However, he emphasized that after its relaunch in September 2024, the scheme had been streamlined and was now running smoothly.
“From now on, entrepreneurs and youngsters will get the maximum benefits from the scheme. If you genuinely want to apply, go for it. The District Level Monitoring and Implementation Cell is there, so it has to be a success story for individuals and the people,” Imchen stated.
Challenges in loan approvals
Prior to these assurances, many CMMFI applicants in Mokokchung have faced difficulties in securing loans, with at least 25 applications reportedly rejected so far. One major hurdle has been banks’ reluctance to finance dairy and poultry projects due to insurance concerns.
As reported earlier by this newspaper, Center Manager of SCK Mokokchung, Imsurenla Longkumer, stated that all banks, except Nagaland Rural Bank (NRB), have declined to finance dairy and poultry projects due to insurance issues.
When asked about this, Imchen responded, “Banks have their own rules and regulations, so they may insist on insurance. There is some package for insurance, but it is yet to reach Mokokchung.”
A resource person from SCK Mokokchung, who was present at the awareness program, further highlighted disparities in loan access between districts like Kohima, Dimapur, and the rest of the state.
“In Kohima and Dimapur, they have everything, so people are getting poultry and dairy projects financed easily. But in smaller districts like Mokokchung and others, there are additional challenges such as fewer banks. SBI, for instance, is very busy. Over the past ten to twenty years, SBI has been the primary bank giving out loans, but repayment issues have made them cautious about financing poultry and dairy projects,” he explained in a conversation with MT.
He further noted that the primary issue revolves around the lack of insurance coverage in Mokokchung.
“SBI is particularly firm on requiring insurance before approving loans. The challenge is that Mokokchung does not have insurance coverage, so how do we mitigate this issue? Right now, the Government of Nagaland is in conversation with TATA Insurance to establish more insurance centers in the districts. We have been told that by this year, TATA Insurance might step in to resolve the issue,” he added.
NDPP Mokokchung Region urges awareness of CMMFI
Amid these concerns, NDPP Mokokchung Region President Mangyangnungba underscored the importance of CMMFI, stating that it is one of the two flagship programs of the Government of Nagaland, alongside the Chief Minister’s Health Insurance Scheme (CMHIS).
While acknowledging that CMHIS has been successfully implemented in Mokokchung, he admitted that the outcome of CMMFI had been limited so far. As a result, the awareness program was held to encourage NDPP workers to inform youths and rural populations about the scheme.
During the program, Opangnenla, a resource person from SCK Mokokchung, explained that the Swavalamban Connect Kendra (SCK) office was created to facilitate CMMFI loan applications and assist individuals seeking other financial support. She noted that CMMFI loans are only available to those who have not previously availed a loan and have a good Credit Information Bureau (India) Limited (CIBIL) score. The SCK office in Mokokchung is located on the third floor of the DC Office Complex.
Individuals up to the age of 60 are eligible for the CMMFI loan.
She also noted that SCK facilitates other financial schemes such as Mudra loans, Stand Up India loans, and educational loans.
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