The VISVAS (Vanchit Ikai Samooh aur Vargon ko Aarthik Sahayata) Scheme aims to provide interest subvention to OBC/SC Self Help Groups (SHGs) or individuals. It is being implemented by the Ministry of Social Justice and Empowerment.
The objective of the scheme is to provide the direct benefit of a lower rate of interest to the eligible beneficiaries who have availed loans through Public Sector Banks (PSBs), Regional Rural Banks (RRBs) and similar financial institutions hereinafter referred to as Lending Institutions.
In December 2020, the VISVAS scheme got a major boost after the 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.
Aspirants can visit the linked article and get the detailed list of Government Schemes in India launched for the development of the country.
Further below in this article, we shall discuss at length the objectives, eligibility, and other important aspects of the scheme, important from the government and IAS Exam perspective.
Given below are other UPSC Syllabus related links:
|National Commission for Scheduled Castes (NCSC)||National Commission for Backward Classes|
|Minority Protection and India||Welfare Schemes for Vulnerable Sections in India|
|Difference Between NGOs and SHGs||Indian Financial System|
About VISVAS Scheme
- Union Minister of Social Justice & Empowerment, Shri Thaawarchand Gehlot released a book containing 33 Action Plans 2020-21 of all the schemes under the Department of Social Justice & Empowerment on September 7, 2020. VISVAS Yojana was one of these schemes
- “Vanchit Ikai Samooh aur Vargon ki Aarthik Sahayta Yojana” is for the benefit of Scheduled Castes and OBC Self Help Groups/Individual members with annual family income upto Rs. 3 Lakh
- The scheme benefits OBC/SC SHGs with loans/borrowings of up to Rs.4.00 Lakh and OBC/SC individuals with loan/borrowing up to Rs.2.00 Lakh with a quick interest subvention benefit of 5% directly into the standard accounts of borrowing SHGs/beneficiaries
- Period of the scheme – The Yojana is valid for 2020-21. Further extension of the scheme will be evaluated based on the performance of the scheme
|Kickstart your UPSC preparation now and complement it with the links given below:|
Who all are eligible under the VISVAS Scheme?
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, as per records available at the relevant BDO Office shall be eligible for Interest Subvention
- 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
|NULM – National Urban Livelihood Mission [Deendayal Antyodaya Yojana]||NRLM – National Rural Livelihood Mission (Deendayal Antyodaya Yojana)|
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
All Government Exam aspirants can refer to the details discussed above for the upcoming competitive exam preparations as government schemes, policies and initiatives form an important part of the syllabus. In the case of the IAS exam, questions based on the same are asked in the General Studies Paper-II.
For any further exam updates, study material, and preparation tips, candidates can turn to BYJU’S for assistance.