CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Women Entrepreneurship Platform (WEP) and TransUnion CIBIL have created SEHER, a credit education initiative aimed at empowering female entrepreneurs in India. SEHER seeks to deliver financial literacy material and business skills, hence providing access to critical financial tools for growth and job creation.
About SEHER Program And Launch Event
Introduced by Ms. Anna Roy, WEP Mission Director, in the presence of key stakeholders from NITI Aayog, Department of Financial Services (DFS), Indian Banks' Association (IBA), Reserve Bank of India (RBI), Ministry of MSME, and TransUnion CIBIL.
Objective
Address financial awareness as a major barrier to MSME development by educating women on financial topics such as CIBIL Rank and commercial credit reports.
Financial Literacy: Significance And Challenges
Financial illiteracy is a serious obstacle to MSME growth.
- Goal
Empower women entrepreneurs by offering comprehensive assistance with entrepreneurship promotion, finance access, market linkages, training, mentoring, and company development services.
- Impact
Improve women's financial knowledge and abilities for running enterprises and attaining long-term growth, contributing to India's USD 5 trillion economy aim.
Statistics About The Current State And Potential Of women Entrepreneurs
India has 63 million MSMEs, 20.5% of which are owned by women, and they employ 27 million people.
- Growth Potential
Accelerating women's entrepreneurship might result in approximately 30 million new female-owned businesses and 150 to 170 million jobs.
- Loan Demand
Company loans for women increased 3.9 times between fiscal years 2019 and 2024, with women accounting for 38% of the 1.5 crore active company loans as of March 2024.
WEP And TransUnion CIBIL Initiatives
- Credit Education
SEHER will deliver individualized financial literacy information and tools to female entrepreneurs, supporting positive credit history and CIBIL scores.
- Partnership
Commitment to raising financial and credit awareness among female entrepreneurs in India.
About WEP
- Establishment
Incubated at NITI Aayog in 2018, the project will move to a public-private collaboration in 2022.
- Mission
Empower women entrepreneurs by addressing information asymmetry and providing assistance with entrepreneurship promotion, financial access, market linkages, training, mentoring, and company development services.
TransUnion CIBIL
- Role
Provides comprehensive financial solutions that promote economic opportunity and personal empowerment.
- Clientele
Serves India's banks, financial institutions, NBFCs, home finance companies, microfinance companies, and insurance companies.
Financing Women Collaborative (FWC)
- Second Meeting
Held in Mumbai to address access to credit for women entrepreneurs, including important stakeholders from NITI Aayog, RBI, Ministry of credit, MSME, SIDBI, SBI, and other organizations.
- Initiatives
New collaborations to support women entrepreneurs in Maharashtra, including a Memorandum of Understanding with the GroW Network, and the inauguration of the SEHER and Shine initiatives to increase finance preparedness and access for women-led firms.
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