CM Aarthik Kalyan Yojna : The Madhya Pradesh government has initiated a scheme aimed at assisting Scheduled Caste individuals living below the poverty line to start their own businesses. Launched on August 1, 2014, the scheme primarily focuses on providing low-interest loans to help beneficiaries purchase essential equipment and capital.
Implementation of the Scheme
The Madhya Pradesh State Cooperative Scheduled Caste Finance and Development Corporation Limited, Bhopal, will oversee the implementation of the scheme. The Scheduled Caste Welfare Department will allocate adequate funds in its departmental budget, setting district-wise targets accordingly.
Loan Process
Once the loan is approved and the business is established, the bank branch will obtain the margin money assistance and interest subsidy amounts from the Chief Executive Officer of the relevant District Cooperative Development Committee, based on the project cost.
Important Notes
- The term “bank” refers to nationalized banks, cooperative banks, and regional rural development banks.
- Legal action may be taken against beneficiaries who provide false information or misappropriate funds.
- If a beneficiary defaults on loan repayments, the assistance provided can be recovered as government dues, and future aid will be denied.
- The Managing Director of the Madhya Pradesh State Cooperative Scheduled Caste Finance and Development Corporation Limited, Bhopal, will have the authority to interpret or amend the scheme.
Definitions
- Project Cost: The total amount required to start a business, including capital and equipment purchases.
- Margin Money Assistance: The amount provided by the government that the beneficiary must invest to start their business.
- Grace Period: A period of six months post-business establishment during which loan repayments are not required.
This initiative aims to empower economically disadvantaged communities and promote entrepreneurship within the Scheduled Caste population in Madhya Pradesh.
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