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
- News in Brief
- About SEHER Scheme
- Women Entrepreneurship Platform
- 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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