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Daily Current Affairs – 2020

Topic: For Prelims and Mains

Viswas Yojana

Why in News?

Implementation of Interest subvention Scheme of Ministry of Social Justice & Empowerment, Government of India –Vanchit Ikai Samooh aur Vargon ki Aarthik Sahayta (VISVAS) Yojana for financial empowerment of economically marginalized OBC/SC SHGs & Individuals got a major boost with signing of Memorandum of Agreements (MoAs) by  National Backward Classes Finance & Development Corporation (NBCFDC) and National Scheduled Castes Finance and Development Corporation (NSFDC) with Punjab National Bank, a premier and leading Public Sector Bank.

About the VISVAS:

The Ministry of Social Justice and Empowerment has launched the VISVAS (Vanchit Ikai Samooh aur Vargon ki Aarthik Sahayta) scheme for self-help groups or SC and OBC families with an annual income of up to three lakhs.

OBJECTIVES:

  • The objective of this scheme is to ensure more credit to underprivileged families to increase production and economic activities.
  • Under this interest subvention scheme, banks will also be encouraged to give loans to disadvantaged sections.
  • Through this scheme, the government wants to reduce the burden of interest on the underprivileged.

Key Points :

  • The central government has identified 3,28,500 beneficiaries for the first year.
  • These include 1.98 lakh SC and 1.27 lakh OBC beneficiaries.
  • Under this scheme, self-help groups belonging to SC and OBC category take loans up to 4 lakhs at the rate of 5% per annum and a person belonging to SCs, OBCs category should take loans up to Rs. 2 lakhs at the rate of 5% annual interest.

Advantages of Scheme:

The scheme will help in providing instant liquidity as funds will be deposited through direct benefit transfer to the operating accounts of individuals and SHGs through this scheme.

 

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