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.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.