National Conclave on Women-Led Entrepreneurship Organized by DAY-NRLM Highlights Bank’s Role in Empowering Women Entrepreneurs

New Delhi: The Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM) under the Ministry of Rural Development held a National Conclave on Women-Led Entrepreneurship in New Delhi yesterday. The event aimed to boost women entrepreneurship by encouraging banks to extend loans to individual women entrepreneurs in rural areas.

The conclave saw Secretary of Rural Development, Shailesh Kumar Singh, presenting awards to banks for their outstanding contributions in linking Self-Help Groups (SHGs) with financial institutions during the 2023-24 fiscal year. Additional Secretary, Rural Development, Shri Charanjit Singh, also signed a Memorandum of Understanding (MoU) with various banks to foster more financial inclusivity for women entrepreneurs.

Twenty banks were recognized for their exceptional performance in supporting SHG bank linkages. During the event, the integration of SHG financing with the Jansamarth portal was launched to streamline access to loans for rural women. Additionally, a new Financial Literacy initiative, supported by the Reserve Bank of India (RBI) under the Depositors’ Education and Awareness Fund, was introduced.

Speaking at the event, Shailesh Kumar Singh praised women entrepreneurs for their empathy, commitment, and transparency in managing their ventures. He stressed that banks play a crucial role in advancing women-led enterprises by offering much-needed financial support.

Charanjit Singh echoed this sentiment, advising banks to ensure that their branch officials are fully aware of the specific financial products available for rural women, to make loan access smoother at the grassroots level.

Smriti Sharan, Joint Secretary of Rural Development, emphasized the need to create an ecosystem that instills confidence in women entrepreneurs. She urged all stakeholders, including banks, regulators, and partners, to work together to address the unique challenges faced by these women.

The conclave featured a panel discussion titled “Pathways from Financial Inclusion to Economic Prosperity – Vikshit Bharat@2047”. The panel, which included representatives from banks, IIM Kolkata, fintech companies, the State Rural Livelihoods Mission, and the IFMR (a research organization), discussed how to create a supportive framework for rural women entrepreneurs. Discussions focused on both demand and supply-side issues, highlighting ways to bridge gaps in financial access and support.

DAY-NRLM has made significant strides in financial inclusion, and the conclave stressed the importance of transitioning from group lending to individual lending to meet the growing aspirations of women entrepreneurs. This shift is seen as crucial to realizing Prime Minister Narendra Modi’s vision of creating three crore “Lakhpati Didis” — rural women entrepreneurs earning over ₹1 lakh annually.

The event was attended by representatives from the Reserve Bank of India, NABARD, public and private sector banks, Regional Rural Banks, State Co-operative Banks, State Rural Livelihood Missions, various government ministries, and civil society organizations.