The National Scheduled Castes Finance and Development Corporation (NSFDC) and the Andhra Pradesh State Cooperative Bank (APCOB) signed a Memorandum of Understanding (MoU) in Vijayawada last week to collaborate under the VISVAS Yojana, a flagship interest subvention scheme aimed at supporting Scheduled Caste borrowers.
Under the partnership, APCOB will upload loan data of individual Scheduled Caste beneficiaries and Self-Help Groups (SHGs) on the VISVAS portal, enabling eligible borrowers to receive a 5 percent interest subvention directly in their bank accounts through the Direct Benefit Transfer (DBT) mechanism.
NSFDC, a Central Public Sector Enterprise under the Ministry of Social Justice and Empowerment, Government of India, works towards the economic empowerment of Scheduled Caste persons with an annual family income of up to Rs 3 lakh.