SIDBI to support capacity enhancement of women entrepreneurs

SIDBI and DAY-NRLM SIDBI sign of MOU that marks a significant milestone in journey of women-led enterprises

The MoU was inked by DAY-NRLM and SIDBI in the presence of Shailesh Kumar Singh, Secretary, Rural Development and Sivasubramanian Ramann, CMD, SIDBI

FinTech BizNews Service   

Mumbai, November 10, 2023: DeendayalAntyodayaYojana - National Rural Livelihood Mission (DAY-NRLM) under the Ministry of Rural Development and the Small Industries Development Bank of India (SIDBI) signed a historic Memorandum of Understanding (MOU) that marks a significant milestone in the journey of women-led enterprises in India. The MoU, which is set to span two years, was inked by DAY-NRLM and SIDBI in the presence of Secretary Rural Development  Shailesh Kumar Singh and Chairman & Managing Director SIDBI  Sivasubramanian Ramann. Additonal Secretary Rural Livelihoods  Charanjit Singh signed the document on behalf of DAY-NRLM while SIDBI was represented by their Chief General Manager Dr. S. S. Acharya. Other dignitaries present during the event were Smt Smriti Sharan and Smt Swati Sharma Joint Secretaries Rural Livelihoods, Director Rural Livelihoods  Raghevendra Pratap Singh and Dy. General Manager SIDBI  Saurav Bajpai. 

This strategic partnership brings together the expertise of DAY-NRLM and SIDBI to create a transformative initiative aimed at promoting women-led enterprises among experienced members of Self Help Groups (SHGs). The primary focus of this collaboration is to demonstrate on-the-ground activities that establish a reliable and sensitive support structure for the capacity enhancement of women entrepreneurs (WEs). Furthermore, it aims to institutionalize standard protocols, systems, and procedures for streamlined access to formal finance, as well as the development of a comprehensive framework for new financial products and schemes.

Key outcomes expected from this collaboration are:

• Enhanced capacity and ability of State Rural Livelihood Missions (SRLM) teams to promote the graduation of seasoned SHG members into micro-entrepreneurs
• The establishment of a reliable and sensitive support architecture for women-led enterprises, involving a network of field cadres, mentors, and experts
• The implementation of standardized protocols within DAY-NRLM to support women-led enterprises
• The formation of partnerships with financial institutions and a network of financiers
• The design and implementation of new financial schemes, such as credit guarantees and interest subventions
• The creation of clear, scalable models for promoting women-led enterprises which can be replicated nationwide

This strategic partnership reflects the Government's commitment to women's economic empowerment and entrepreneurship, focusing on making the entrepreneurial landscape more inclusive and supportive of women-led businesses. By combining the strengths of DAY-NRLMand SIDBI, this initiative seeks to open up new avenues for women entrepreneurs, ultimately contributing to the economic growth and prosperity of the nation.