Prime Minister Modi praised the empowerment of women through Self Help Groups (SHGs) and highlighted the remarkable progress made in boosting their economic standing.
The finance ministry is pulling out all stops to further financial inclusion. The ministry has asked banks to tie up with NGOs as business correspondents in a pilot project to lend to self help groups (SHG). As a result lending rate for SHGs may go up, reports CNBC-TV18's Gopika Gopakumar.
A petition has been filed in the Madras High Court Bench here seeking a direction to Reserve Bank of India to investigate into allegations that Micro Financing Institutions (MFIs) in Tamil Nadu were indulging in unfair and illegal practices in disbursement of funds to women members of self-help groups (SHGs).
All the self help groups (SHGs) in the country would be able to get credit at 7%, at par with crop loans, Union Minister of State for Environment and Forest Jairam Ramesh said today.
Finance Minister Pranab Mukherjee today made a slew of announcements, including to bring investments in education and health segments under the infrastructure sector and special grants for women self-help groups and fishermen.