MUMBAI: Bank of Baroda, India’s International Bank, announced the launch of Overdraft (OD) Facility on Credit Line on UPI for verified women Self-Help Group (SHG) members holding Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, becoming the first bank in the country to operationalise this digital credit innovation. This initiative enables seamless digital access to Rs 5,000 overdraft facility, strengthening financial inclusion and women-led economic empowerment.
The project enabling Credit Line on UPI for women members of SHG was launched by Shivraj Singh Chouhan, Union Minister of Agriculture and Farmers’ Welfare and Minister of Rural Development at the 25th Central Level Coordination Committee (CLCC) Meeting on Rural Development program held at Hyderabad.
Launched in partnership with National Payments Corporation of India (NPCI), Indian Banks’ Association (IBA) and Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM), the facility extends digital credit through integration with Credit Line on UPI. Eligible members can link their SHG Member OD account through any UPI-enabled application to access, utilise, and repay their overdraft digitally, make merchant QR payments using the OD credit line and view balances & transaction history - eliminating the need for branch visits. This information was stated in a press release.
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