An overdraft facility of Rs 5000 has been launched for verified women SHG members under the Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM). The SHG members can avail of the facility through their saving accounts in banks under the PM Jan Dhan Yojana.
The facility was launched by Nagendra Nath Sinha, Secretary of the Department of Rural Development, as a part of a special event called “Discourse on Rural Financial Inclusion” that was organised by DAY-NRLM on December 18, 2021 as a part of Azadi Ka Amrit Mahotsav to celebrate 75 years of India's independence.
The overdraft facility has been initiated in pursuance of the announcement made by Finance Minister Nirmala Sitharaman in her budget speech of 2019-20.
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Overdraft facility Benefit
The overdraft facility is estimated to benefit about 5 crore women SHG members under DAY-NRLM.
Six women SHG members from three States, two each from Uttar Pradesh, Rajasthan and Jharkhand and Uttar Pradesh were provided with a cheque of Rs 5,000 to mark the beginning of the scheme.
How can women SHGs avail the benefit?
The women SHG members from the rural areas can visit the branches of the banks where they have their Saving Bank account under Pradhan Mantri Jan Dhan Yojana to avail the facility.
Overdraft facility for women SHG members-Key highlights
• Finance Minister Nirmala Sitharaman had announced during her Budget Speech of 2019-20 that the government has decided to allow an overdraft facility of Rs. 5,000 to verified SHG members.
• Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM) under the Ministry of Rural Development initiated the process for providing OD facilities to women SHG members in the rural areas to meet their immediate/emergency requirements.
• About 5 crore women Self Help Group (SHG) members under DAY-NRLM will be eligible for this facility.
• The Indian Banks Association advised all Banks on November 26, 2021 to implement this scheme after getting all necessary approvals.
• A virtual meeting was also held with Senior Officials of the banks for the successful implementation of this scheme.
About Deendayal Antyodaya Yojana-National Rural Livelihoods Mission• The Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) is a flagship programme of the Rural Development Ministry that aims to eliminate rural poverty through mobilizing poor women into community institutions such as Self Help Groups (SHGs). • The programme aims to strengthen the livelihood base of these women by accessing necessary credit from banks. • The Deendayal Antyodaya Yojana - National Rural Livelihoods Mission was launched in June 2011. • Around 8.04 crore rural women have been mobilized into 73.5 Lakh Self Help Groups as of December 15, 2021. • The programme aims to mobilise around 10 crore women into Self Help Groups by 2024. |
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