The Bank shall claim Interest subsidy @ 2% p.a. on the loan account of the SHGs. So, the effective rate of interest, after receiving interest subsidy from NRLM & WBSSP shall come down to @ 2% p.a.
Department of Self Help Group and Self Employment
The main activity of Self Help Group and Self Employment Department is to generate self-employment to the unemployed youths, to provide Interest Subsidy for Self Help Groups.
Government shall provide an interest subsidy to the eligible SHGs on a portion of the interest charged by Commercial, Regional, Rural and Co-Operative Banks on the Bank loan.
Governor is pleased to decide that a Corporation in the name and style of ‘SWAROJGAR’ (A Corporation for Marketing of Products of the Self Help Groups and the Self Employed and Skill Development) will be set up.