Categories: Current AffairsEconomy

UP’s Rural Women Drive Rs 27,000 Crore in Financial Transactions

Enterprising rural women in Uttar Pradesh, working as BC Sakhis, have facilitated Rs 27,000 crore in financial transactions over the past four and a half years. BC Sakhis, appointed under a nationwide women empowerment initiative, are part of self-help groups (SHGs) providing banking services in rural, unbanked areas. Uttar Pradesh leads the nation in the number of BC Sakhis, followed by Madhya Pradesh and Rajasthan. These women have earned Rs 75 crore in commission, making significant contributions to financial inclusion.

BC Sakhi Initiative

Launched in May 2020, nearly 40,000 BC Sakhis in UP offer doorstep banking services in partnership with banks like SBI and BoB. The initiative focuses on empowering women, with priority given to those from families of ex-servicemen, bankers, and teachers.

Impact on NPAs and Livelihood

The program has kept NPAs of women SHGs low, with SHGs accessing Rs 6.96 trillion in credit since 2013-14. The aim is to appoint BC Sakhis in all gram panchayats, boosting rural women’s income under the “Lakhpati Didi” scheme. So far, 27.5 million women have been trained in financial literacy.

BC Sakhi Initiative: Empowering Rural Women in Banking

Key Points	Details
Financial Transactions	BC Sakhis in Uttar Pradesh have facilitated Rs 27,000 crore in financial transactions over the past 4.5 years.
Women Empowerment	BC Sakhis are rural women, part of self-help groups (SHGs), providing banking services in rural, unbanked areas.
Earnings	These women have earned Rs 75 crore in commission, contributing significantly to financial inclusion.
National Leadership	Uttar Pradesh leads the country in the number of BC Sakhis, followed by Madhya Pradesh and Rajasthan.
Launch and Scale	The initiative began in May 2020, with around 40,000 BC Sakhis now offering doorstep banking services.
Bank Partnerships	BC Sakhis partner with banks such as State Bank of India (SBI) and Bank of Baroda (BoB) to provide financial services.
Focus on Empowerment	The program prioritizes women from families of ex-servicemen, bankers, and teachers, promoting women’s empowerment.
Impact on NPAs	The program has kept the non-performing assets (NPAs) of women SHGs low.
SHG Credit Access	Since 2013-14, women SHGs have accessed Rs 6.96 trillion in credit.
Future Goals	The initiative aims to appoint BC Sakhis in all gram panchayats, increasing rural women’s income through the “Lakhpati Didi” scheme.
Financial Literacy Training	So far, 27.5 million women have been trained in financial literacy, enhancing their economic participation.