Maharashtra government to offer women low-interest business loans at 9% through Mumbai Bank, empowering beneficiaries of the ‘Majhi Ladki Bahin Yojana’ and other state-backed development corporations.
Mumbai, June 20: In a significant step toward women’s economic empowerment, Maharashtra Chief Minister Devendra Fadnavis chaired a high-level meeting in Mumbai to integrate interest repayment schemes for women with the Mumbai Bank’s loan programs.
The meeting focused on joint implementation of the ‘Mukhyamantri Majhi Ladki Bahin Yojana’ with various loan schemes run by government-backed development corporations. The initiative is aimed at providing easy-access capital for women entrepreneurs at a reduced interest rate of just 9%.
Chief Minister Fadnavis emphasized,
“The government is not just honoring women but working to make them financially self-reliant. This scheme is a step toward transforming women into self-sufficient entrepreneurs.”
Under this initiative, women beneficiaries will be offered both individual and group loans, allowing them to start their own small businesses or industries. The collaboration includes the Mumbai District Central Cooperative Bank (Mumbai Bank) and multiple state-run development bodies such as:
- Annasaheb Patil Economically Backward Classes Development Corporation
- Vasantrao Naik Exempted Castes and Nomadic Tribes Development Corporation
- Other Backward Classes Finance and Development Corporation
- Directorate of Tourism
This move is expected to boost grassroots entrepreneurship among women, particularly from underprivileged and backward communities, and enhance their financial independence.
Among those present at the meeting were Mumbai Bank MD and MLA Pravin Darekar, Chitra Wagh, Narendra Patil (Chairman, Annasaheb Patil Corporation), along with key secretaries from the Finance and Women & Child Development Departments and other senior officials.
The government aims to roll out this initiative across Maharashtra in the coming months, providing a structured and accessible financial route for women to achieve entrepreneurial success.
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