Facing criticism over Ladki Bahin Yojana disqualifications, BJP-linked Mumbai Bank announces ₹1 lakh loans at 0% interest for women, leveraging interest refund schemes from state corporations to support women entrepreneurs.
Mumbai | June 21: The much-publicized Ladki Bahin Yojana, which played a crucial role in shaping electoral outcomes in Maharashtra, has now run into controversy. Once hailed as a game-changing welfare scheme during the assembly elections, it is now under scrutiny due to disqualification of beneficiaries and verification backlogs—causing a wave of criticism from both beneficiary women and the opposition parties.
Initially, the government generously disbursed the promised ₹1500 monthly aid to women without rigorous verification during the pre-election phase. The move helped the Mahayuti alliance, led by the Bharatiya Janata Party (BJP) and Eknath Shinde, sweep the state assembly polls by winning 230 seats. But post-election, as verification began and several women were disqualified, the scheme drew widespread flak for being electorally driven rather than genuinely inclusive.
Now, in an apparent damage-control move, Mumbai Bank, an institution seen as ideologically aligned with the BJP and led by Praveen Darekar, has launched a loan scheme exclusively for the Ladki Bahin sisters. Under this initiative, eligible women can avail up to ₹1 lakh loans at zero percent interest, provided they qualify for interest refunds available through various state-run corporations.
Praveen Darekar, Chairman of Mumbai Bank, explained that the bank will pre-screen business proposals, disburse the loans, and then seek up to 12% interest refunds through state corporations like:
- Tourism Corporation
- Anna Saheb Patil Economic Development Corporation
- Corporation for the Liberation of Nomadic Tribes
- OBC Development Corporations
This allows the bank to offer women entrepreneurs interest-free loans while promoting small-scale businesses among the scheme’s target group.
“Even if the government’s monthly grant couldn’t reach every deserving woman, we can at least empower them through sustainable financial assistance,” said Darekar, adding that this model ensures financial independence while keeping the burden off the state treasury.
As the state heads into crucial by-polls and future electoral contests, such targeted financial measures may help rebuild trust among the Ladki Bahin voter base, which had initially supported the Mahayuti but now feels betrayed by the scheme’s post-election filtering.
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