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Nabard launches digitization scheme for women’s self help groups

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By Newsgram Staff Writer

 With an objective to foster financial inclusion, NABARD has started a pilot project for digitization of women’s self help groups to improve the quality of interface between SHG’s and banks for hassle free delivery of banking services. It is a step taken by the National Bank for Agriculture and Rural Development (NABARD) to empower women through IT. The scheme was launched by Minister of State for Finance, Jayant Sinha at Ramgarh in Jharkhand.

“The project will benefit various stakeholders. It will facilitate mainstreaming of SHG members with Aadhar-based financial inclusion and Pradhan Mantri Jan Dhan Yojana enabling access to wide range of financial services,” Jayant Singh said.

He also emphasized on the need for higher coverage of women under Prime Minister Jan Dhan Yojana and hoped that this would lay down the basic blueprint for women’s participation. Sinha also asked NABARD to also launch a pilot project on credit intensification in select backward districts.

“Digitisation will bring transparency, credibility to operations of SHGs through inbuilt grading MIS and thereby increasing the comfort of bankers in credit appraisal, disbursement and monitoring,” he said.

Talking about the importance of capital formation in agriculture, he articulated confidence that NABARD will make best use of Long Term Rural Credit Fund of Rs 15000 crore provided in Union Budget 2015-16.

All the data of SHGs and their constituent members will be fed into tablets and mobile phones which will be uploaded in the secured and dedicated website-eshakti.nabard.org, confirmed, NABARD chairman Harsh Bhanwala.

There are more than 74 lakh SHGs in the country having bank accounts, out of which around 42 lakhs are credit-linked which will benefit from digitization after the implementation of this project all across India.

 

 

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We hope that India will be among top 100 in ease of doing business: Sinha

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Picture Courtesy:-www.financialexpress.com

New Delhi: India will be among the top 100 countries in the World Bank’s list of ease of doing business ranking next year, Minister of State for Finance Jayant Sinha said on Monday.

We are very hopeful that next year when ease of doing business ranking comes we will have moved from 130 to being in top 100,

Sinha expressed his hopes for India’s position in the World Bank’s list of ease of doing business when he was delivering his speech in Karur Vysya Bank – Dun & Bradstreet SME Business Excellence Awards 2015 function in New Delhi.

“We have moved up 12 ranks in the ease of doing business… ” This ranking was based on may 2015 and many of the important initiatives that we have taken are only now starting to bear fruits.

The World Bank in a report released last month ranked India 130 out of 189 countries in the ease of doing business, moving up 12 places from last year.

Speaking to reporters here earlier in the day, Sinha said a high-powered committee to suggest a revenue-neutral rate for the proposed goods and services tax (GST) will submit its report in the first week of December.

We just had a consultation with the chief economic adviser and his committee that has been studying the question of revenue neutral rate. They have pulled together a lot of data from many different sources,

Sinha also said the government was in continuous talks with the opposition parties on the proposed GST Bill.

We have finalized the parameters that will be necessary to establish the rates. That is now being looked at. We will have something by the first week of December.

The constitution amendment bill for GST has been passed by the Lok Sabha and is pending in Rajya Sabha where the ruling NDA does not have the majority.

We are trying to talk with them (opposition) about all the aspects of GST. We all recognize how important this is for the economy for all of India so we are in continuous discussion to see what we can do to get it passed in the winter session,

The minister said the actual rate of GST is to be set not by a constitutional amendment but by the GST bill.

Of course we have had some input that there should be a rate that is fixed by the constitution amendment itself. So that is an item under discussion, but as of now our view is that it should be in the GST bill and not in a constitutional amendment,

The Rajya Sabha Select Committee has suggested that the GST rate should not go beyond 20 percent as higher rates could fuel inflationary tendencies.

(Inputs from IANS)

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