Bank of Baroda has introduced a new digital feature aimed at helping women get quick and easy loans through UPI.
This move is especially designed for women linked with self-help groups (SHGs).
For the first time in India, a credit facility like an overdraft has been directly connected to UPI, making borrowing simpler and faster.
Easy Loan Access Directly on Mobile
Under this scheme, women who have a Jan Dhan account under Pradhan Mantri Jan Dhan Yojana can get an overdraft of up to ₹5,000.
The biggest benefit is that this money can be accessed directly through a UPI app on their mobile phones.
There is no need to visit a bank branch.
Users can send money, make payments, and even repay the loan easily from their phone, making the whole process quick and hassle-free.
Focus on Rural Women and Financial Inclusion
This feature has been launched in partnership with National Payments Corporation of India, the Indian Banks Association, and Deendayal Antyodaya Yojana.
The main aim is to support rural women who often face challenges in getting loans from banks.
With this step, they can now access small credit easily and at a lower cost.
This initiative is expected to improve financial inclusion and give women more control over their finances.
