Empowering Rural Women: Meeting Emphasizes SHG Bank Linkage & Financial Inclusion

New Delhi: In a crucial development aimed at enhancing financial inclusion and empowering rural women, Shri Charanjit Singh, Additional Secretary of the Ministry of Rural Development, chaired a meeting with the Chairpersons of Regional Rural Banks (RRBs) and Managing Directors of State Co-operative Banks in New Delhi today.

Shri Charanjit Singh emphasized the pivotal role of RRBs and Co-operative Banks in transforming rural society, particularly by empowering women. He urged Branch Managers to immerse themselves in the grassroots reality by visiting villages and staying overnight to assess the ground situation.

During the meeting, Chairman of NABARD highlighted the potential transformation of Self Help Group (SHG) women members into prosperous entrepreneurs through financing micro-enterprises owned by them. The discussions predominantly focused on financing individual women SHG members by RRBs and Co-operative Banks.

A comprehensive presentation showcased the progress of SHG Bank Linkages made by various Regional Rural Banks and Co-operative banks across diverse parameters. The discussion highlighted that women in rural areas have demonstrated creditworthiness, effectively utilizing bank credit for growth while maintaining regular loan repayments. Notably, the Non-Performing Assets (NPA) of Regional Rural Banks have significantly reduced to a mere 1.43%, marking the lowest in the banking industry.

The scheme, initiated since its inception, has witnessed around 10 crore women from rural households enrolled under 96 lakh Self Help Groups, availing credit amounting to Rs. 8.03 lakh crores from banks. To recognize exemplary performance, good-performing banks were honored at the event.

The meeting witnessed the participation of Chairman, NABARD, Chief General Managers from State Bank of India, Sh. K V Shaji, Punjab National Bank, NABARD, Senior officials from the Department of Financial Services, Ministry of Finance, Government of India, representatives from State Rural Livelihoods Missions, and officials and experts from the Ministry of Rural Development.