The Social Justice Ministry’s interest subvention scheme — VISVAS — got a major boost with the National Backward Classes Finance & Development Corporation(NBCFDC) and the National Scheduled Castes Finance and Development Corporation (NSFDC) signing agreements with Central Bank of India.
The scheme will benefit OBC/SC SHGs with loans/borrowings up to ₹4 lakh and OBC/SC individuals with loan/borrowing up to ₹2 lakh with a quick interest subvention benefit of 5 per cent directly into the standard accounts of borrowing SHGs/beneficiaries, an official release said.
The VISVAS Yojana is for financial empowerment of economically marginalised OBC/SC SHGs and individuals.
The memorandum of agreements was signed by VK Mahendru, Field General Manager, Central Bank of India; Anupama Sood, General Manager (Projects), NBCFDC and Devanand, Chief General Manager, NSFDC in the presence of K Narayan, Managing Director NBCFDC /Chairman cum Managing Director NSFDC.
The scheme is expected to benefit many entrepreneurs on a pan India basis, the release added.