Banks should run financial‑literacy sessions in every state.
The loan scheme is called Prime Minister’s Micro Units Development and Refinance Agency programme.
No collateral (like a house) is required to get the loan.
Timely repayment builds a credit history for larger future loans.
The program, started in 2015, offers loans without needing a house or other property as a promise.
Learning about borrowing helps owners run their shops better and ask for bigger loans later.
When loans are paid back on time, owners build a good credit record with the bank.
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