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SEHER Scheme

SEHER Scheme

Source: Business Today
GS III: Indian Economy; GS II: Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes;


Overview

Image by Pabitra Kaity from Pixabay
  1. News in Brief
  2. About SEHER Scheme
  3. Women Entrepreneurship Platform
  4. TransUnion CIBIL

Why in the News?

Women Entrepreneurship Platform (WEP) and TransUnion CIBIL have launched SEHER.

News in Brief

  • According to TransUnion CIBIL data, there has been a significant rise in the demand for business loans by women.
  • During this period, the number of women borrowers holding business loans increased by 10%, with women constituting 38% of the 1.5 crore borrowers.
  • The portfolio balance for business loans held by women grew at a compound annual growth rate (CAGR) of 35% from March 2019 to March 2024.
About SEHER Scheme

  • SEHER is a credit education program designed to enhance financial literacy and business skills among women entrepreneurs.
  • This initiative aims to provide crucial support, empowering women to access the financial tools necessary for business expansion and job creation.
  • It is a  first-of-its-kind initiative aimed at accelerating access to finance for women entrepreneurs.
  • This initiative supports WEP’s goal of improving financing access for women in India’s 63 million MSMEs.

Major focus of the Scheme

  • Educate women on financial topics, including their CIBIL Rank and commercial credit reports.
  • Help women understand how to access and manage credit effectively.
  • Provide resources and training to help women manage and grow their businesses.
Women Entrepreneurship Platform

  • The Women Entrepreneurship Platform (WEP) by NITI Aayog is an initiative aimed at fostering and nurturing female entrepreneurship in India.
  • It provides a unified access portal to a multitude of services, including funding support, mentorship, incubation, and partnerships.
  • WEP seeks to empower women by addressing and overcoming challenges they face in the entrepreneurial ecosystem, thereby promoting inclusive growth and innovation.
TransUnion CIBIL

  • TransUnion CIBIL, formerly known as Credit Information Bureau (India) Limited, is India’s premier credit information company.
  • Established in 2000, it is a key player in the financial sector, providing critical credit information services to banks, financial institutions, and consumers.

Functions and Services

  • Credit Information Reports (CIR) and Credit Scores:
    • CIR: A detailed report that includes a borrower’s credit history across various loans and credit institutions. It helps lenders assess the creditworthiness of an individual or a business.
    • Credit Score: A three-digit numeric summary of an individual’s credit history, ranging from 300 to 900. A higher score indicates better creditworthiness.
  • Consumer and Commercial Credit Information:
    • Consumer Credit: Covers individual borrowers and their credit behaviors.
    • Commercial Credit: Involves credit data of businesses and commercial entities.
  • Credit Insights and Analytics:
    • TransUnion CIBIL provides analytical tools and insights to financial institutions, helping them make informed lending decisions and manage risk effectively.
  • Fraud and Verification Services:
    • Helps in identifying potential fraudulent activities and ensures the authenticity of the information provided by borrowers.

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