The Union Minister of Women & Child Development, Maneka Sanjay Gandhi recently met bankers and other stakeholders to discuss the possibilities of strengthening and restructuring Rashtriya Mahila Kosh(RMK) in New Delhi.
RMK has a corpus of Rs 100 crore but it has added Rs 129.17 crore to its corpus through interest earned from loans and investments. It has reached out to 7.35 lakh women beneficiaries through a network of 1510 NGOs and their Self-Help Groups.
She highlighted the need to improve the financial inclusion of women by streamlining and reforming the system of micro-finance to women. She also requested them to share their experience and give their valuable suggestions to make RMK more effective.
The participants emphasized the need to build linkages between RMK, Bhartiya Mahila Bank (BMB) and other financial institutions, step up the percentage of finance for women in general by the banking system, capacity building of prospective borrowers to avoid bad debts, gender sensitization of lenders among others.
A four-member committee of senior bankers and other stakeholders was formed to look into the various issues of micro-finance for women with reference to Rashtriya Mahila Kosh, which will submit its report by the end of August this year.
The participants included senior representatives of HSBC, ICICI, SBI, NABARD, BMB, PNB, Women’s cooperative and finance ministry.