Keeping women in rural areas in mind, Bank of Baroda has launched a new facility that will allow them to easily avail overdraft benefits through UPI. Let’s learn more about this new initiative…
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Bank of Baroda UPI Overdraft Facility: Keeping women in rural areas in mind, Bank of Baroda has launched a new facility that allows them to easily avail overdrafts through UPI. This facility is specifically for women associated with Self-Help Groups (SHGs).
So that they don’t have to visit the bank for small amounts. According to the bank, this will enable women to get instant money when needed. It will also make financial access easier for women. Let’s learn more about this new initiative…
Overdraft facility available
According to the bank’s new service, eligible women can now use overdrafts up to ₹5,000. This will greatly benefit account holders opened under the Pradhan Mantri Jan Dhan Yojana. They will now be able to receive assistance directly from the bank for small amounts.
The most important feature of this facility is that there will no longer be any need to wait in long bank lines for overdrafts. Instead, funds can be transferred directly through UPI or used elsewhere.
Digital access will make it easier to obtain loans.
This initiative could prove to be very helpful for women living in villages, as they no longer have to repeatedly visit banks to obtain loans.
With this digital facility from Bank of Baroda, women can easily access loans. The bank directly adds the loan amount to the UPI app, allowing them to easily access the loan amount.
Women will be helped
This new facility will save women both time and effort. It is believed that this will reduce the financial difficulties faced by women. It will also help women engaged in small-scale self-employment.
