Overdraft facility for women SHG members launched

Tags: National News

• The scheme was launched in the present name in November 2015 by the Union Rural Development Ministry.
• It was earlier called as Aajeevika - National Rural Livelihoods Mission (NRLM).
• The Mission aims at creating efficient and effective institutional platforms for the rural poor, enabling them to increase household income through sustainable livelihood enhancements and improved access to financial services through the Self Help Group.

Overdraft facility:

• Overdraft Facility is a type of short term loan where the customer can withdraw money from their savings or current account, even if their account balance is zero. This feature is provided by almost every financial institution, including banks and Non-Banking Financial Companies (NBFCs).
• The interest rates are fixed by the banks