COVA recommendation for Banking Implemented by the Govt of India
| Tuesday | 8th October, 2019
A+ A-Hyderabad: Finance Ministry of the Government of India had accepted 8 of the 12 Recommendations made by COVA for financial inclusion of the poor in 2015.
Now, one more of the Recommendations- of automatic electronic assessment for sanction of Loans for Micro Enterprises is operationalised.
Government of India has initiated the eMudra scheme from October 2019 wherein a borrower can file an online application for loans up to Rs.
Bank managers and representatives are to visit the borrower within 3 months of the sanction of the loan for verification.
With the introduction of the eMudra Scheme, these recommendations are now realized and can significantly improve the access of the poor to bank credit and promote small entrepreneurs like never before.
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