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DAY-NRLM launches overdraft facility for women SHG members

According to Ministry of Rural Development, it is estimated that about five crore women SHG members under DAY-NRLM would be benefitted from the overdraft facility
DAY-NRLM launches overdraft facility for women SHG members
DAY-NRLM launches overdraft facility for women SHG members

Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM), under the Ministry of Rural Development, Government of India launched the overdraft facility of Rs. 5,000 to verified SHG (self-help group) members, having bank accounts under Jan Dhan Yojana, during an event “Discourse on Rural Financial Inclusion” organised recently.

This facility has been initiated in pursuance of the announcement made by the Finance Minister in her budget speech of 2019-20.  Six women SHG members from three states; Rajasthan, Jharkhand and Uttar Pradesh (two from each state) were provided with a cheque of Rs. 5,000 to mark the start of the overdraft scheme by the senior officials of the banks in the presence of chief executive officers and senior officers of State Rural Livelihoods Missions (SRLM) at functions organised at state headquarters of the respective states. According to the Ministry of Rural Development, it is estimated that about five crore women SHG members under DAY-NRLM would be benefitted from this facility.      

After the launch of the overdraft facility, Nita Kejrewal, Joint Secretary, Rural Livelihoods, Ministry of Rural Development, made a presentation on ‘Reviving Rural Economy’, covering various initiatives of the Department of Rural Development. She urged the banks to align their credit products with the various programmes of the ministry to provide credit to the rural masses to create livelihoods for them and help transform the rural economy.

Speakers who participated in the event include Vasudha Bhatt Kumar, Chief General Manager, State Bank of India, spoke on the role of women enterprises in reviving rural economy; Balamurgan D, Chief Executive Officer of Jeevika (Bihar State Rural Livelihood Mission) and Rajeev Puri, Executive Director, Central Bank of India, who expressed their views on the financial education of rural masses – challenges and way forward while Krishna Baruah, State Mission Director, Assam State Rural Livelihoods Mission (ASRLM), made a presentation on financial inclusion in difficult areas – a case for northeastern regions, showing various issues faced by the rural people in the NE region. Approximately, 200 participants from different banks and State Rural Livelihoods Mission (SRLM) attended the event across 75 locations.

Executive Directors, Chief General Managers, General Managers, other senior officials of the banks and Chief Executive Officers, State Managing Directors from the State Rural Livelihood Missions (SRLM) participated in the programme. Charanjit Singh, Joint Secretary, Rural Livelihoods, Ministry of Rural Development, Government of India welcomed all the participants and Nagendra Nath Sinha, Secretary, Department of Rural Development, Ministry of Rural Development New Delhi inaugurated the programme. 

Read more: HDFC Bank bags CII’s ‘Most Innovative Best Practice Award’ for financial inclusion in rural areas

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