As per government of India press release finance Minister, Shri P. Chidambaram along with Chief Minister, NCT of Delhi, Smt. Sheila Dixit launched, a Pilot Microcredit Scheme for slum dwellers of Ekta Vihar in Delhi under which loans will be provided to them at reasonable rates of interest. Under this scheme the slum dwellers will be able to take loans for retail trade, auto rickshaws and other vehicles, home improvement, education and other purposes. The loan beneficiaries will also be able to obtain life insurance cover from LIC. This scheme have great prospective to improve the prosperity and opportunities of the slum dwellers and its successfulness will enable to extend its implementation in other slum areas, both in Delhi and beyond. There are around 4 million slum dwellers in Delhi, the majority of them have been debarred from the benefits of India's economic growth and are unable to access financial services.
The Pilot Scheme has been prepared after having discussion with select Public Sector Banks and an NGO the ASHA Community Health and Development Society, working for the health and development of slum areas to provide micro credit to slum dwellers in Ekta Vihar. The Scheme is part of the Government plan to improve the level of financial inclusion in the country.
The public sector banks that are part of this scheme are: Andhra Bank, Bank of India, Canara Bank, Indian Overseas Bank, Punjab National Bank, and State Bank of India, Syndicate Bank, UCO Bank and Vijaya Bank. Life insurance cover to the slum dwellers is being provided by the Life insurance Corporation of India.