CURRENT AFFAIRS
CURRENT AFFAIRS
Description
In the Union Budget of 2025, India’s Finance Minister announced the introduction of the Grameen Credit Score scheme. Here’s an overview of this initiative:
The Grameen Credit Score aims to formalize transactions within self-help groups (SHGs) by incorporating them into India's central credit system. This will enable leading financial institutions to assess the creditworthiness of SHG members more effectively.
The primary goal of the scheme is to foster financial inclusion for women entrepreneurs within self-help groups, providing them with the essential support they need to grow their businesses and improve their lives. The credit score will mark a significant change in how the financial sector evaluates the creditworthiness of millions of women involved in SHGs across rural India.
The introduction of the Grameen Credit Score is expected to bring about several positive impacts:
Greater Financial Access - This initiative will unlock new financial opportunities for rural women, enabling them to expand their businesses and enhance their livelihoods. It will also help familiarize them with financial concepts such as credit cards, creditworthiness, EMIs, and loan repayments.
Tailored Financial Products - The scheme will include customized credit cards for micro-enterprises with limits of up to ?5 lakh. This will drive financial empowerment at the grassroots level.
Better Credit Assessment - By offering a digital platform for assessing creditworthiness, the Grameen Credit Score will address the gaps in the existing credit system, which often overlooks SHG members. It will also allow SHG members to track their credit scores, limits, and learn how to improve them.
Economic Stability - With increased access to credit, women-led SHGs will be better equipped to contribute to their households, leading to economic growth in rural communities.
This scheme promises to be a game-changer, especially for women in rural areas, by providing them the tools and opportunities to succeed in their entrepreneurial endeavors.
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