Reserve Bank of India has directed all the banks in the country to provide loans at 7 percent interest to women self help groups under Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY - NRLM). The order is applicable to the current fiscal year.
Guidelines on Interest Subvention Scheme:
The RBI has issued latest guidelines on interest subvention scheme under DAY-NRLM scheme. The guidelines will be followed by 21 PSU banks and 19 private banks.
Who are eligible?
All women self help groups (SHG) will be eligible for interest subvention scheme on credit upto Rs 3 lakh at 7 per cent interest per annum. The scheme is applicable in 250 districts spread across the country.