Finance Minister Nirmala Sitharaman announced key financial inclusion measures undertaken by the Indian government during a talk at the New Global Financing Pact in Paris. She explained that the government had achieved efficient direct benefit transfer of most benefits to citizens’ bank accounts, saving up to Rs one lakh crore in one Indian province through the introduction of Digital Public Infrastructure (DPI). Under the government’s ‘Stand-up India’ scheme, women were granted collateral-free loans at concessional rates, while women street vendors and small merchants were also given such loans. The government has initiated several women-centric schemes, including raising maternity leaves to 26 weeks, ordering public sector banks to loan concessional rates to a female citizen at least once per branch, and providing viability gap funding to women’s self-help groups in villages.
Nirmala Sitharaman Outlines Key Financial Inclusion Measures at Paris Conference
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