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

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

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.