In a significant move towards financial inclusion and empowerment of rural women entrepreneurs, the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM) has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI). The MoU, inked by Shri Charanjit Singh, Additional Secretary – Rural Livelihoods, MoRD, and Shri Shantanu Pendsey, Chief General Manager at SBI Corporate Office Mumbai, aims to facilitate enterprise financing for women belonging to Self-Help Groups (SHGs) in rural areas.
The collaboration is aligned with the vision of empowering Two Crore Lakhpati Didis from SHG women, as envisioned by Hon’ble Prime Minister. A specialized financial product named “Svyam Siddha” has been introduced by SBI exclusively for SHG women entrepreneurs, offering loans up to Rs. 5 lakhs. This tailored financial solution addresses challenges associated with extensive documentation requirements and aims to reduce Turn Around Time (TAT) for loan processing.
Shri Charanjit Singh, while signing the MoU, emphasized the significance of this step in realizing the vision of creating financially independent women entrepreneurs in rural India. The initiative not only provides access to much-needed capital but also simplifies the loan application process, making it more accessible for SHG women.
Alongside the MoU signing, an essential training toolkit package was launched at the event. This toolkit is designed to promote formal finance accessibility for SHG women entrepreneurs, marking a notable milestone in DAY-NRLM’s commitment to community empowerment and financial inclusion at the grassroots level.
The event witnessed the presence of key dignitaries, including Shri Raghvendra Pratap Singh, Director, Rural Livelihoods from MoRD, and Shri Surendra Ran, Deputy Managing Director, Head Agriculture, SME, and Financial Inclusion of State Bank of India. Officials from NMMU, The World Bank, and the IFC also participated, underscoring the collaborative effort to advance financial inclusion and uplift rural communities.
The DAY-NRLM’s partnership with SBI signifies a concerted effort to bridge financial gaps and promote entrepreneurship among rural women. By introducing specialized financial products and simplifying the loan application process, this initiative strives to unlock the entrepreneurial potential of SHG women, contributing to economic empowerment and sustainable development in rural India.