RBI directs banks to extend loans to women SHGs at 7% rate


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  • Reserve Bank of India (RBI) has directed banks to provide loans up to Rs 3 lakh at 7 per cent interest rate to Women Self-Help Group (SHG). This loan scheme must be provided under the National Rural Livelihoods Mission (NRLM)-Aajeevika scheme during 2015-16.
  • Under this loan scheme, an interest subvention on credit up to Rs 3 lakhs at 7% per annum will be provided. All women SHGs will be eligible for it.
  • About National Rural Livelihoods Mission (NRLM)-Aajeevika NRLM-Aajeevika was launched by the Union Ministry of Rural Development in June 2011. In November 2015, it was renamed Deen Dayal Antayodaya Yojana (DAY-NRLM).
  • The Mission aided by World Bank aims at creating efficient and effective institutional platforms of the rural poor. It seeks to enable rural poor (below BPL) to increase household income through sustainable livelihood enhancements and improved access to financial services. It is the largest poverty reduction initiative and the largest programme for women in the world with its goal to reach out to nearly 70 million rural households.

 

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