The RBI has asked banks to provide loans of up to Rs 3 lakh at 7 per cent interest rate to Women Self-Help Group (SHG) under the National Rural Livelihoods Mission (NRLM) Aajeevika scheme during 2015-16.In a notification issued yesterday, the RBI said that all women SHGs will be eligible for interest subvention on credit up to three lakhs rupees at 7 per cent per annum. RBI made it clear that SHG availing capital subsidy under Swarnjayanti Gram Swarojgar Yojana (SGSY) in their existing credit outstanding will not be eligible for benefit under this scheme. The RBI said that the commercial banks and cooperative banks will lend to all the women SHGs in rural areas at the rate of 7 per cent in the 150 districts.
News On AIR | January 22, 2016 7:49 AM
RBI asks banks to extend loans to women SHGs at 7% rate