Various schemes with special provisions for women's empowerment have been initiated by the Ministry of Finance over the last seven years. Women have been financially motivated by these schemes to live better lives and pursue their dreams of being entrepreneurs.
On International Women's Day, Prime Minister Shri Narendra Modi saluted the indomitable Nari Shakti.
As we observe International Women's Day on March 8, 2021, let us a take look at the numerous schemes launched by the Ministry of Finance that have benefited women in India.
Stand-Up India Scheme
More than 81 percent, or 91,109 accounts, with a total value of Rs. 20,749 crore, have been approved to women entrepreneurs under the Stand Up India Scheme as of February 26, 2021.
On April 5, 2016, the Stand Up India Scheme was launched to encourage entrepreneurship at the grassroots level for economic empowerment and job creation. This scheme aims to use the institutional credit system to reach out to the underserved, such as Scheduled Castes, Scheduled Tribes, and Women Entrepreneurs, in order to allow them to contribute to the nation's economic development.
The aim of this scheme is to make bank loans between Rs.10 lakh and Rs.1 crore available to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower, as well as at least one woman borrower, per SCB bank branch for the purpose of starting a Greenfield company.
Pradhan Mantri MUDRA Yojana (PMMY)
Since the inception of the MUDRA scheme, about 68 percent, or 19.04 crore accounts, with a total value of Rs. 6.36 lakh crore, have been sanctioned to women entrepreneurs.
PMMY was established on April 8, 2015, to provide non-corporate, non-farm small/micro enterprises with loans of up to Rs 10 rupees. Under PMMY, these loans are known as MUDRA loans. Commercial banks, RRBs, Small Finance Banks, MFIs, and NBFCs provide these loans.
MUDRA has developed three products, 'Shishu,' 'Kishore,' and 'Tarun,' under the umbrella of PMMY, to represent the stage of growth and funding needs of the beneficiary micro unit/entrepreneur, as well as to serve as a useful point for the next step of growth.
Pradhan Mantri Jan-Dhan Yojana (PMJDY)
Women account holders hold 23.21 crore accounts out of the total 41.93 crore accounts opened under the scheme as of February 24, 2021.
On August 28, 2014, PMJDY was launched. It envisions universal banking access, with each household having at least one basic banking account, as well as financial literacy, credit, insurance, and pensions.
PMJDY has provided the three social security programs viz. a platform. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Mudra Yojana (PMMY), and Atal Pension Yojana (APY).