Low-Interest Loans at 9% to Empower Women Economically: CM Devendra Fadnavis

Joint Initiative by Development Corporations and Mumbai District Central Cooperative Bank

Mumbai : The Government of Maharashtra is actively working to empower women financially through the ‘Mukhyamantri Majhi Ladki Bahin’ (My Dear Sister) scheme and other development corporation-led initiatives. Taking this effort a step further, Chief Minister Devendra Fadnavis announced that loans will now be made available to beneficiary women at a concessional interest rate of just 9%, aimed at strengthening their financial independence.

During a review meeting held at the Varsha residence, discussions were held on integrating the state’s interest subsidy scheme for women with the Mumbai District Central Cooperative Bank’s loan scheme. The meeting was attended by MLA and Mumbai District Bank President Pravin Darekar, MLAs Chitra Wagh, Narendra Patil (Chairman of Annasaheb Patil Economic Development Corporation), Additional Chief Secretary O.P. Gupta from the Finance Department, Dr. Anup Kumar Yadav (Secretary, Women and Child Development), other corporation representatives, Deputy Secretary V.R. Thakur, Mumbai Bank Vice President Siddharth Kamble, and senior officials.

Chief Minister Fadnavis emphasized,

“This initiative is crucial in transforming women into self-reliant entrepreneurs. Through this joint venture between state corporations and Mumbai Bank, women in Mumbai—especially beneficiaries of the Majhi Ladki Bahin scheme—will receive personal and group loans to start businesses and earn livelihoods.”

Several state-backed corporations will play key roles in this initiative:

• Tourism Directorate
• Annasaheb Patil Backward Class Economic Development Corporation
• Vasantrao Naik Vimukta Jati & Nomadic Tribes Development Corporation
• Maharashtra State Other Backward Classes Finance and Development Corporation

These bodies already operate personal and group loan schemes and will now offer loans at the low interest rate of 9% to women interested in starting businesses or small enterprises.

MLA Pravin Darekar highlighted that the plan is to transform beneficiaries into micro and small-scale entrepreneurs. Under Mumbai Bank’s special loan policy, both individuals and groups will be able to access loans of ₹1 lakh or more at 9% interest. He added that around 16 lakh women across Mumbai city and its suburbs stand to benefit from this initiative.

This comprehensive approach marks a major stride toward inclusive economic growth, enabling women from various backgrounds to move toward financial independence and sustainable entrepreneurship.