Mahila Samridhi Yojana (MSY) is a scheme aimed to benefit women entrepreneurs from backward backgrounds or poor backgrounds. The scheme was launched as part of the National Backward Classes Finance and Development Corporation (NBCFDC) under the Ministry of Social Justice and Empowerment.
Under this scheme, the Corporation bears the training cost and stipend for training that is provided to groups of about 20 women, in suitable craft activities. The group is formed into a SHG and after the training, micro-credit is provided. This scheme is being implemented by a wide range of channel partners nationwide. Targeted women beneficiaries are identified and given loans either directly or in the form of Self-Help Groups (SHGs). The two main targeted beneficiaries are:
- Self-help groups (SHGs): It aims to strengthen and assist SHGs, particularly those that include women. These people make up the autonomous, economically disadvantaged category.
- Women belonging to economically and socially backward classes (targeted groups): Women from the underprivileged classes are considered, particularly those who fall under the SC or ST category.
Objectives of Mahila Samridhi Yojana
- To encourage women belonging to minority groups from rural regions and underprivileged classes to adopt an entrepreneurial attitude.
- To help these women meet their entrepreneurial goals by providing microfinance loans at lower interest rates.
- To encourage women from scheduled castes or scheduled tribes or any other minority populations to pursue their aspirations.
- To encourage women to overcome social stigma and gain financial independence.
- To assist women who are unable to establish their own businesses or careers owing to a lack of financial assistance.
- It is also a Micro Finance Scheme for women with rebate in interest.
Mahila Samridhi Yojana” is a microfinance scheme that provides loans to women entrepreneurs below the poverty line or from backward classes, with the aim to empower them economically.
Key points of the plan:
- Objective:To empower economically weaker women and help them set up micro enterprises.
- target group:Women below the poverty line (BPL) or from backward classes.
- Loan:Under the scheme, loans are provided to women for small and micro trade/business and miscellaneous income generating activities.
- loan amount:Maximum up to ₹1,00,000.
- Interest Rate:1% for State Channelising Agencies (SCAs) and 4% per annum for beneficiaries.
- Training:Under the scheme, women are given training in sewing, cutting etc.
- Group:Economically weaker women are organised into 15-20 Self Help Groups (SHGs).
- how to apply:For application, special camps are organized every month in the District Office of Women Empowerment.
- What to keep in mind while applying: