FinMin Urges Banks to Fund Unorganised Sector | CORPORATE ETHOS

FinMin Urges Banks to Fund Unorganised Sector

By: | July 11, 2017
banking

July 11: Calling upon financial institutions such as Nabard and the banks to allocate funding for the unorganised sector, Finance Minister Arun Jaitley said that such a move would help push up employment in that sector.

Speaking at an event organised by Nabard in New Delhi today, Jaitley said though the unorganised sector employs much more people than the organised sector, the unorganised sector finds it tough to get necessary credit.

Reports quoting the Finance Minster added that Jaitley felt that if the resources of banks and financial institutions through various schemes are diverted toward the unorganised sector, it will prove helpful in generating more employment opportunities.

A BS report added that the Finance Minister lauded the self-help groups, saying that they have come a long way and generated lakhs of jobs in rural areas. According to him the women-led SHGs have ushered in financial security for rural women.

The report quoted Jaitley as saying that the repayment capacity was  much higher with regard to all microfinance schemes.