Mahila Samriddhi Yojana (MSY)

The National Scheduled Castes Finance and Development Corporation (NSFDC) focuses on capacity building and imparting income-generating skills under the Mahila Samriddhi Yojana (MSY). It was launched on October 2, 1993 by the Ministry of Social Justice and Empowerment of the Government of India. 

It provides disadvantaged women with micro-credit support. This micro-financing programme aims to empower women from underprivileged backgrounds or economically backward areas.

With the help of a loan at a nominal rate of interest, NSFDC helps women from vulnerable communities create business opportunities. This credit facility can support them in starting their own business and creating a source of income, which can support their livelihoods.   Here are some features of this scheme:

• It offers financial assistance to Self Help Groups (SHGs) consisting of up to 20 members

• The SHGs or the recipients directly receive the loans provided by this scheme

• It helps women from marginalised communities to improve their financial standing and gain independence 

• More prospects for employment are created for SC/ST women, minorities and women who are handicapped

• It enhances the number of female entrepreneurs and women-owned businesses

• Its simple application and documentation process encourages more women to apply

The scheme covers projects costing up to ₹1.4 Lakhs for individual women, offering significant loan amounts at favourable interest rates. The following table outlines the details of this scheme:

The scheme is available to individual women and SHGs who fulfil these criteria:

• Women must belong to backward classes, as notified by the Central and State Governments 

• Applicants must be 18 years of age or more 

• The applicant's annual household income should not be more than ₹3 Lakhs

• For Self Help Groups, a minimum of 60% of members must be from the backward class category and the remaining 40% of members can belong to other disadvantaged sections, such as minorities, handicapped, Scheduled Castes, Scheduled Tribes, and so on

The NSFDC has partnered with certain financial institutions for imparting loans to eligible women beneficiaries. These include:

• State Channelising Agencies (SCAs)

• Regional Rural Banks (RRBs)

• Nationalised Banks

To prove their eligibility, women need to furnish the necessary paperwork. Here is the list of documents required for the Mahila Samriddhi Yojana in addition to the application form:

• Caste certificate (if applicable)

• Recent passport-size photographs

• Income certificate from a competent authority

• SHG membership ID

• Aadhaar card

• Address proof

• Identity proof

• Bank account details

For further queries or other issues related to this scheme, you can contact the NSFDC through the following channels:

• Toll-free Number: 18001023399 (Timing:  Monday to Friday between 10 AM and 5 PM)

• Other Telephone Number: +91 11 45854400

• Email ID: info@nbcfdc.gov.in