Bank of Baroda Launches UPI Overdraft Facility for Women in SHGs

To empower women, the Bank of Baroda has now introduced an overdraft facility for women in SHGs. The Bank of Baroda introduces a UPI overdraft service for women SHGs, facilitating digital access to Rs. 5000 credit, promoting financial inclusion, transparent lending and smooth small ticket borrowing via UPI networks.

In Hyderabad, Shivraj Singh Chouhan unveiled this initiative during the 25th Central Level Coordination Committee meeting on rural development.

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It has been created and improved in partnership with the National Payments Corporation of India, the Indian Banks’ Association and DAY-NRLM. The goal of this facility is to directly integrate small ticket credit into UPI systems.

Understand the Features:     

• Increase financial inclusion, credit allocation and women’s empowerment.
• Establishing a formal credit history for beneficiaries that encourages responsible borrowing habits.
• Open and transparent monitoring of how funds are utilized and returned.
• A scalable model for expanding small-ticket lending projects.
• The objective of the project is to increase digital financial inclusion and expand credit access for women in rural communities.