Banks to provide funds to rural women Self Help Groups at 7 percent

RBI has said banks will provide funds to women SHGs in rural areas at 7 %  under the Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) in the current fiscal.

RBI issued the revised guidelines on interest subvention scheme under DAY-NRLM, as received from the Ministry of Rural Development for implementation by 21 public sector banks and 19 private banks.

“All women SHGs will be eligible for interest subvention on credit upto Rs 3 lakh at 7 per cent per annum,” it said.