RBI announced Rs 3 lakhs Loan with 5 % interest, 8 % subsidy without Collateral
Along with the proposal of up to eight percent subsidy on loans to craftsman, the scheme provides loans up to Rs 3 lakh without any collateral at a cheap interest rate of 5 percent.
The decisions of the Monetary Policy Committee of the Reserve Bank of India were announced today by Reserve Bank Of India (RBI) Governor Shaktikanta Das. In this, apart from clarifying its stance on the country’s inflation rate and GDP growth, the RBI also provided an opportunity for the common man to breathe a sigh of relief without making any change in the repo rate. Apart from this, the RBI Governor has made an important announcement regarding Prime Minister Narendra Modi’s scheme, which is getting much discussion.
Pradhan Mantri Vishwakarma Scheme:
Reserve Bank of India Governor Shaktikanta Das said that it has been decided to include the PM Vishwakarma scheme under the Payment Infrastructure Development Fund (PIDF) scheme. Further, the RBI MPC has agreed to extend the PIDF scheme by two years. Announcing the bi-monthly monetary policy, the RBI Governor said that henceforth it is intended to extend the PIDF scheme for a period of two years till December 31, 2025.
Vishwakarma project has been launched recently:
Prime Minister Narendra Modi launched the Pradhan Mantri Vishwakarma Yojana last month. In this, there is a proposal to give subsidy of up to 8% on loan interest given to craftsman. The scheme provides loans to craftsman up to Rs 3 lakh without any collateral at a cheap interest rate of five percent. Prime Minister Narendra Modi had announced the launch of this scheme on August 15, 2023 from the Red Fort premises and thereby talked about providing cheap loans to skilled craftsman.
Also Read: Central Government Offers Rs 10 Lakh Business Loan Without Any Document
What is a PIDF scheme?
The PIDF scheme was implemented for three years till December 2023. The project was launched in January 2021. The objective of the scheme is to facilitate payment through Point of Sale, Quick Response (QR) code in small and sparsely populated urban areas, North Eastern states and Union Territories like Jammu & Kashmir and Ladakh. One of its objectives is to establish access to receiving infrastructure.
MPC proposed to extend the PIDF scheme by 2 years:
Speaking about this, the RBI Governor said, “Now there is a proposal to extend the PIDF scheme for two years till December 31, 2025. Also, there is a proposal to include beneficiaries of PM Vishwakarma Yojana in all centers under PIDF scheme.” Shaktikanta Das said the decision to expand the target beneficiaries under the PIDF scheme will boost the RBI’s efforts to promote digital transactions at the grassroots level. Das said that information about these amendments will be given soon.
Beneficiaries of PM SVANidhi scheme included in PIDF scheme – Shaktikanta Das:
RBI Governor Das said that the beneficiaries of PM SVANidhi scheme in Tier-1 and Tier-2 areas have been included in the PIDF scheme in August 2021. By the end of August 2023, over 2.66 crore new ‘touch points’ have been deployed under the scheme.
Based on the feedback received from the industry, it is proposed to promote the deployment of emerging payment methods such as sound box devices and Aadhaar-enabled biometric tools under the PIDF scheme. This is expected to further accelerate the deployment of payment infrastructure in targeted geographies
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