The government signed a Memorandum of Understanding with nine public sector banks and one private bank for specific products designed by these banks for financing individual women entrepreneurs under the fold of the Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY NRLM).

These banks are: 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.

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The loan products designed by these banks will help women avail big-ticket loans for scaling up their enterprises. The move is in line with the realisation of the goal of making ‘Lakhpati Didis’, as announced by Prime Minister Narendra Modi.

Mr Shailesh Kumar Singh, Secretary in the Ministry of Rural Development advised banks to leverage this opportunity to fund women SHG members with improved assets to start their economic activities in rural areas. This initiative will go a long way in providing employment in the rural areas and a number of women SHG members will be benefitted.

The move to extend individual loans is a strategic shift in the DAY NRLM programme indicating how women have graduated from small enterprises and are aspiring to scale up higher order enterprises.