News

MoRD has signed an MoU with 10 banks to support rural women entrepreneurs financially.

MOUs and Agreement | Dated: 28 Oct 2024

The Ministry of Rural Development (MoRD) has signed a Memorandum of Understanding (MoU) with nine Public Sector Banks (PSBs) and one Private Sector Bank as part of the Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM) at the National Conclave on Women-led Entrepreneurship in New Delhi.

🎯 Key Highlights:

- The Public Sector Banks (PSBs) involved in the agreement are Bank of Baroda (BOB), Bank of India (BOI), Bank of Maharashtra (BOM), Canara Bank (CB), Central Bank of India (CBI), Indian Bank (IB), Indian Overseas Bank (IOB), Punjab National Bank (PNB), and United Commercial Bank (UCO). The Private Sector Bank involved in the agreement is Industrial Development Bank of India Limited (IDBI Bank Ltd).
- Charanjit Singh, Additional Secretary, Ministry of Rural Development (MoRD), exchanged an MoU with these banks to promote financial support for rural women entrepreneurs, helping them expand their businesses with enhanced funding opportunities.
- The Deendayal Antyodaya Yojana National Rural Livelihoods Mission (DAY-NRLM) was launched in 2011 by the MoRD to reduce poverty.

💡 Other Important Facts:

(i) This initiative supports the "Lakhpati Didi" program introduced by Prime Minister Narendra Modi, aimed at helping rural women achieve financial independence and sustainable incomes.
(ii) This assistance will cover various sectors, including agriculture, handicrafts, and small-scale industries.
(iii) Banks have been advised to ensure that branch staff are well-informed about these new loan products so that rural women can easily access financing at their local branches.

📚 Test Your Knowledge:

Which ministry signed an MoU with 10 banks to support rural women entrepreneurs financially?

Correct Answer: Ministry of Rural Development

🚀 Quick Recap:

About the Ministry of Rural Development (MoRD)

Union Minister : Shivraj Singh Chouhan
Headquarters: New Delhi