New Delhi: The Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM), under the Ministry of Rural Development, has signed a Memorandum of Understanding (MoU) with nine Public Sector Banks and one Private Bank to empower rural women entrepreneurs. The partnership includes prominent banks such as Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab National Bank, UCO Bank, and IDBI Bank Limited.
These banks have developed specialized loan products tailored for financing individual women entrepreneurs who are part of the DAY-NRLM initiative. The customized loans are designed to provide larger ticket-size funding to help women scale up their enterprises, aligning with Prime Minister Narendra Modi’s vision of creating “Lakhpati Didis” — rural women earning over ₹1 lakh annually through entrepreneurial ventures.
Shailesh Kumar Singh, Secretary of Rural Development, encouraged banks to seize this opportunity to support Self-Help Group (SHG) members in rural areas by providing improved financial access. He emphasized that this initiative will generate employment and improve livelihoods in rural communities, with many women entrepreneurs benefiting from the loans to expand their economic activities.
Charanjit Singh, Additional Secretary of Rural Development, urged banks to ensure their branch officials are well-informed about the new loan products. This will help rural women access financing smoothly at the local branch level, addressing potential barriers to securing funds.
Since the inception of DAY-NRLM, the SHG Bank linkage has seen substantial growth, with over ₹9.5 crore in loans disbursed to self-help groups. The shift towards providing individual loans reflects the program’s evolution, as women entrepreneurs graduate from smaller enterprises and aspire to scale up to more significant business ventures.