Govt To Launch Overdraft Facility Of Rs 5,000 For Around 5 Crore Women Self Help Group Members

by Swarajya Staff - Dec 17, 2021 01:27 PM +05:30 IST
Govt To Launch Overdraft Facility Of Rs 5,000 For Around 5 Crore Women Self Help Group MembersWomen from Self-Help Groups take part in a meeting. (Photo credit: SERPEditor/Wikimedia Commons)

The government is set to launch the overdraft facility of Rs 5,000 for women Self-Help Group (SHG) members under the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM).

The facility, under the DAY-NRLM, will be launched by Rural Development Secretary Nagendra Nath Sinha on Saturday (18 December) as part of Azadi ka Amrit Mahotsav.

The DAY-NRLM, a flagship programme of Ministry of Rural Development, aims at eliminating rural poverty through mobilising poor women into community institutions like Self Help Groups (SHGs) and strengthening their livelihood base by accessing necessary credit from banks.

The event will also include a “Discourse on Rural Financial Inclusion” in which top officials from banks and state missions will participate. The annual awards for performance of Banks under DAY-NRLM, during the year 2020-21 will also be announced, the Rural Development Ministry said in a release on Friday (17 December).

Top officials of the public sector banks and state rural livelihoods missions will participate in the launching programme which will be held through virtual mode.

As per the announcement made by the Finance Minister during her Budget Speech of 2019-20 to allow overdraft facility of Rs 5,000 to verified SHG members, Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM) under Ministry of Rural Development has initiated the process for providing OD facility to women SHG members in the rural areas of the country to meet their immediate or emergency requirements, the ministry said.

It is estimated that about 5 crore women SHG members under DAY-NRLM will be eligible for this facility, according to the ministry.

After getting the necessary approvals, Indian Banks Association, Mumbai had advised all banks on 26 November 2021 to implement this scheme and other necessary details have also been shared, the ministry said.

A virtual meeting with Senior Officials of the banks has already been held by the ministry for successful implementation of this scheme, it added.

Further, State Rural Livelihoods Missions, have initiated the process and women SHG members from the rural areas will visit the branches of the banks where they are having their Saving Bank account under Pradhan Mantri Jan Dhan Yojana to avail this facility, the ministry said.

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