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

This topic of “VISVAS (Vanchit Ikai Samooh aur Vargon ko Aarthik Sahayata) Scheme” is important from the perspective of the UPSC IAS Examination, which falls under General Studies Portion.

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.

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