VISVAS (Vanchit Ikai Samooh aur Vargon ko Aarthik Sahayata) Scheme

From Prelims Sureshots » Schemes & Welfare Initiatives

Introduction

Vanchit Ikai Samooh aur Vargon ko Aarthik Sahayata (VISVAS) Scheme
Interest subvention to OBC/SC Self Help Groups (SHGs) or individuals

Ministry/Agency

Ministry of Social Justice and Empowerment

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Objectives

Provide the direct benefit of a lower rate of interest to eligible beneficiaries who have availed loans through PSBs, RRBs and similar financial institutions
Boost economic activities of OBC/SC individuals and SHGs

Benefits

Maximum loan limit (for SHG): ₹ 4,00,000
Maximum loan limit (for individual): ₹ 2,00,000
Maximum Subvention Amount: @5% per annum
Direct transfer of subvention amount into operating account of SHG or individual

Eligibility Eligibility Criteria for Other Backward Classes (OBCs)

Members of Backward Classes, as notified by Central Government/State Governments
All OBC Antyodaya Anna Yojana (AAY) cardholders, and OBC individuals facing three or more Deprivations in terms of SECC-2011
All OBC beneficiaries involved in Agricultural activities and getting coverage under the PM KISAN
SHGs must be registered with NRLM/NULM/NABARD with more than two years of credit history

Eligibility Criteria for Scheduled Castes (SCs):

NSFDC recognized Self-Help Groups (SHGs) registered with NRLM/NULM and NABARD
The definition of Scheduled Castes includes all castes notified in the State and/or Central Government lists of SCs
Valid Annual Income Certificate issued by the competent authority of the State Government
AAY cardholders, and other individuals facing three or more Deprivations in terms of SECC-2011
All beneficiaries involved in Agricultural activities and getting coverage under the PM KISAN

Implementation Strategy

Scheme being implemented by Ministry of Social Justice and Empowerment
National Backward Classes Finance & Development Corporation (NBCFDC) and National Scheduled Castes Finance and Development Corporation (NSFDC) signed a Memorandum of Agreement (MoA) with the Central Bank of India and Punjab National Bank, premier and leading Public Sector Banks.