Thursday, June 26, 2008

Microcredit scheme for slum dwellers launched

by Jo Black

Indian Finance Minister, Mr. P. Chidambaram, along with Delhi Chief Minister, Ms Sheila Dixit, has launched a Pilot Microcredit Scheme in New Delhi to provide loans at reasonable rates of interest to the slum dwellers of Delhi.

The scheme enables slum dwellers to get loans for retail trade, auto rickshaws and other vehicles, home improvement, education and other purposes.

The loan beneficiaries will also be able to secure life insurance cover from the state owned Life Insurance Corporation of India (LIC).

This initiative has the potential to greatly improve the prosperity and opportunities of the slum dwellers and its success will enable its implementation in other slum areas, both in Delhi and beyond.

Currently, there are around 4 million slum dwellers in Delhi, the vast majority of whom are excluded from the benefits of India’s economic growth and are unable to access financial services.

The pilot scheme has been prepared in consultation with select Public Sector Banks and the ASHA Community Health and Development Society, an NGO working in health and development of slum areas to provide microcredit to slum dwellers in Ekta Vihar in Delhi.

The scheme is part of the government initiatives to improve the level of financial inclusion in the country.

The banks participating in the scheme are: Andhra Bank, Bank of India, Canara Bank, Indian Overseas Bank, Punjab National Bank, State Bank of India, Syndicate Bank, UCO Bank and Vijaya Bank.

 

 

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