Summary
These lessons help people borrow money safely and grow their shops.
When they pay back loans on time, they can borrow more later.
The program started in 2015 and does not need a house or land as a promise.
Key Points
4 points1
Finance Minister Nirmala Sitharaman asked banks to give money lessons.
2
The program gives loans without needing a house or land as a promise.
3
Paying back on time helps owners borrow bigger loans.
4
Small shops in many states are learning to manage money.
New Words to Learn
6 wordsFinance Minister
The leader who looks after a country's money matters.
entrepreneur
A person who starts and runs a small business.
collateral
Something valuable, like a house, that a bank can keep if a loan is not paid back.
repayment
Giving back the money that was borrowed.
credit
Money that a bank lets you use now, which you promise to pay back later.
scheme
A plan or program designed to do something.
Want to learn even more? Click here to read the full story!
🔊 Reading Article
Kid-friendly voice