Union Finance Minister Nirmala Sitharaman inaugurated five specialized “Nari Shakti” branches of Union Bank of India in Bengaluru, Chennai, Visakhapatnam, and Jaipur. These branches aim to boost financial inclusion and support for women entrepreneurs, especially in the manufacturing and service sectors. By launching these branches, the government and Union Bank emphasize empowering women through accessible finance, skills training, and advisory services, strengthening India’s goal of gender-focused economic growth.
Key Focus Areas for Women Entrepreneurs
These Nari Shakti branches specifically focus on providing credit to women-led businesses, aiming to remove financial barriers for female entrepreneurs and promote job creation. The branches are structured to offer loans and financial support tailored for women in both service and manufacturing industries.
Technology-Driven and Cluster-Based Approach
Minister Sitharaman highlighted the need for these branches to adopt technology-driven, cluster-based schemes. Such initiatives are designed to cater to the unique needs of women across diverse sectors, ensuring that financial services are accessible, efficient, and relevant to regional economic clusters.
Comprehensive Support Beyond Financing
Apart from credit facilities, these branches will serve as hubs for skill development, mentorship, and advisory services. They plan to conduct workshops for start-ups, offer networking opportunities, and facilitate collaboration among women entrepreneurs, positioning these branches as comprehensive support centers for female-led enterprises.
Vision for the Future
This initiative aligns with India’s ongoing efforts to promote female entrepreneurship, driving inclusivity and economic growth. Women entrepreneurs are encouraged to leverage these resources, contributing to the broader vision of gender equality in economic participation.
Summery of the News
| Why in News | Key Points |
|---|---|
| Union Finance Minister Nirmala Sitharaman inaugurates Nari Shakti branches of Union Bank of India | – Nari Shakti branches launched in Bengaluru, Chennai, Visakhapatnam, and Jaipur. – Focus on empowering women entrepreneurs by providing credit, advisory services, skill development, mentorship, and networking opportunities. – Cluster-based, technology-driven schemes aimed at improving financial inclusion for women. |
| Union Bank of India | – Headquarters: Mumbai, Maharashtra. – Established: 1919. |
| Finance Minister Nirmala Sitharaman | – Position: Union Finance Minister of India. – Key Role: Advocated for technology-driven and cluster-based financial solutions for women entrepreneurs. |
| Objective of Nari Shakti Branches | – Promote female entrepreneurship and contribute to job creation. – Extend financial support to women-owned manufacturing and service units. |
| Services Provided by Nari Shakti Branches | – Credit facilities for women entrepreneurs. – Workshops, advisory services, skill development programs, mentorship, and networking. |
| Union Bank of India’s Vision | – To create inclusive and sustainable financial solutions for women entrepreneurs. |
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