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Empowering Female Entrepreneurs: India's Enhanced Financial Inclusion Strategy

  • Writer: Current Affair Writer
    Current Affair Writer
  • Apr 6, 2024
  • 2 min read

Summary:

India is developing an updated financial inclusion strategy aimed at empowering female entrepreneurs and boosting women's participation in key government schemes like PM SVANidhi. The focus is on offering credit, mentoring, insurance coverage, and financial literacy to support women in business. The strategy includes leveraging digital banking units (DBUs) for broader outreach and setting quarterly targets to ensure progress.


Key Points:

  • Enhanced Strategy: The next version of India's financial inclusion strategy will concentrate on female entrepreneurs, aiming to integrate them into schemes such as PM SVANidhi more effectively.

  • Digital Banking Units (DBUs): DBUs will be instrumental in extending the reach of banking services, facilitating the digital onboarding of beneficiaries, and promoting digital payments.

  • 'Lakhpati Didi' Scheme Expansion: The government aims to expand this scheme to help 30 million women achieve a sustainable income of ₹1 lakh per annum through micro-enterprises.

  • Reducing Inoperative Accounts: Efforts will be made to minimize the number of dormant accounts and ensure active participation in digital financial services.

  • Financial Literacy and Training: Special emphasis will be placed on financial education and community-building among women to demystify finance and encourage entrepreneurship.


Additional Insights:

  • Community-Based Approach: Building a supportive community among women investors and entrepreneurs is essential for creating a conducive environment for financial growth and independence.

  • Digital Payments as a Gateway: Digital payment solutions are recognized as a crucial step towards broader financial inclusion, providing access to formal financial products like credit, where women have traditionally faced barriers.


Keywords Explained:

  • Financial Inclusion: The goal of making financial services accessible at affordable costs to all individuals and businesses, irrespective of net worth and size.

  • PM SVANidhi: A micro-credit scheme to help street vendors in India access affordable loans.

  • Digital Banking Units (DBUs): Physical facilities set up by banks to offer digital banking services, including loans, deposits, and payment transactions.


Published in : The Economic Times

Date appeared in newspaper : 06 April 2024


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