Indian Economy News

Public-sector banks to launch new schemes to support women entrepreneurs

Public-sector banks (PSBs) are set to introduce specialized financial schemes aimed at women, particularly entrepreneurs and startup founders, who often face hurdles in securing funding through traditional avenues. Mandated by the Department of Financial Services, this initiative is part of the Enhanced Access and Service Excellence (EASE 7.0) reforms agenda, prioritizing risk assessment, non-performing asset management, financial inclusion, customer service enhancement, and digital transformation.

The recent general elections underscored the significant influence of women, with approximately 312 million female voters participating. In response, PSBs are rolling out tailored banking services and 'loan melas' for women seeking financial support for their ventures. Moreover, PSBs will facilitate connections between women founders and startup incubators, fostering the growth of their businesses. Financial education camps will also be organized to empower women financially, providing guidance on investment, financial planning, and access to government schemes. PSBs are committed to supporting women's entrepreneurial journey through innovative financial products and services as part of the EASE 7.0 framework.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.