Government To Execute Fresh Financial Model For Interest Subvention To Help SC/OBC Self-Help Groups

Relief news had come up this morning, the Government has declared to implement a new financial model of interest subvention for individual beneficiaries and self-help groups. The main focus of this model will be the low-interest rate.

The government will mainly focus on People belonging to Scheduled Caste and OBC categories. It is heard that Minister of State for Social Justice and Environment Mr. Krishan Pal Gurjar in Lok Sabha said that “the National Scheduled Castes Finance and Development Corporation (NSCFDC) will be the implementing agency for SC SHGs/beneficiaries and the National Backward Classes Finance and Development Corporation (NBCFDC) will be implementing agency for OBC SHGs/beneficiaries.”

He further added that the main objective of this model is to provide the direct benefit of lower interest rate to all the eligible SHGs formed under the National Rural Livelihood Mission (NRLM) or National Urban Livelihood Mission (NULM). “The benefits will be available to those people who have availed loans through Public Sector Banks (PSBs), Regional Rural Banks (RRBs) and similar financial institutions or can be referred to as Lending Institutions," he said.

This implementation will definitely bring a way to stabilize the downfall of these beneficiaries. The government is expected to provide help to all SC/OBC categories as this pandemic has created a devastating effect especially to this section of people.

Their livelihood has become so difficult after during this lockdown but with this initiative, it is expected that they will get some kind of relief.

This news has bought a smile to many such faces as there a hope to stand up again and combat this downfall.

However, there is no such information yet how less the interest rate would be. Let’s see what the government says on this and what will be the lower interest rate?

Nevertheless, this model will target individual beneficiaries along with self-help groups but will only be given to people you are liable for the same.

The eligibility factors will be shared soon by the Government, New Delhi.

Till then stay tuned with upcoming updates on this.