Happy Women's Day! FinMin shares progress report of women entrepreneurs in MSMEs
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New Delhi, Mar 8: The Ministry of Finance, has launched various schemes for women in the past seven years, which have special provisions for empowerment of women. On the occasion of International Women's Day, the Ministry of Finance has shared a statistical insight of the women beneficiaries of the schemes. The schemes have financially empowered women to lead a better life and chase their dreams of being an entrepreneur.
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The Stand Up India Scheme that was launched on Apr 5 2016, in order to promote entrepreneurship at grass root level for economic empowerment and job creation, seeks to leverage the institutional credit structure to reach out to the underserved sector of people such as SC, ST and Women Entrepreneurs, to enable them to participate in the economic growth of nation.
The objective of the scheme is to facilitate bank loans between Rs 10 lakh and Rs 1 crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch of SCBs for setting up a Greenfield enterprise. According to the recent reports, more than 81 per cent of accounts , that comprise of 91,109 accounts with an amount of Rs 20,749 crore have been sanctioned to women entrepreneurs under the 'Stand Up India Scheme.'
The Pradhan Mantri MUDRA Yojana (PMMY) was launched on Apr 8, 2015 for providing loans up to Rs 10 lakh to the non-corporate, non-farm small and micro enterprises. The loans are classified as MUDRA loans under PMMY and are given by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs. According to the ministry's report, about 68 per cent of accounts, that comprise 19.04 crore accounts with an amount of Rs 6.36 lakh crore have been sanctioned to women entrepreneurs under MUDRA scheme, till date.
The Pradhan Mantri Jan-Dhan Yojana (PMJDY) that was launched on Aug 28 2014, envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension. According to the recent reports, 23.21 crore accounts, out of the total 41.93 crore accounts that were opened under the scheme belong to women account holders.