Planning to create micro lending body for women, small businesses: Gadkari

Gadkari said the government is mulling over the idea where the finance of up to Rs 10 lakh can be availed by women entrepreneurs within three days

The government is planning to create a deposit-taking 'social microfinance organisation' to disburse loans of up to Rs 10 lakh to women and small entrepreneurs quickly, Union Minister Nitin Gadkari on Friday said.

The idea came up during a discussion with Nobel laureate and Grameen Bank founder Mohammed Yunus of Bangladesh, and will be confirmed after discussions with the Finance Ministry and the "highest authority", the Minister for MSME and Road Transport and Highways said.

India already has dedicated micro-lenders serving in various parts of the country and some of them have already graduated to work as small finance banks, which gives