Government allocates Rs 200 crore to IFCI to promote business among SCs

NEW DELHI: Government has allocated Rs 200 crore to IFCI Ltd to promote entrepreneurship among the people belonging to scheduled caste (SC), the term lender said today.

 

In a bid to promote entrepreneurship among the SCs, the government today launched "Credit Enhancement Guarantee Scheme (CEGS) for SCs for providing credit enhancement guarantee facility to banks extending  financial assistance to young and start-up entrepreneurs, belonging to SC, who aspire to be part of neo middle class category," IFCI said in a statement.

 

The guarantee cover under the scheme shall be ranging from Rs 20 lakh to Rs 5 crore," said the release. IFCI Ltd, a government undertaking, is the nodal agency for the scheme and has been entrusted with the  responsibility of managing it.

 

Minister for Social Justice & Empowerment, Thaawarchand Gehlot said the Credit Guarantee Scheme will go a long way in providing need based financial assistance to SC entrepreneurs, who will create wealth and  value for society and at the same time shall promote profitable businesses.

 

On this occasion Mr. Malay Mukherjee CEO&MD of IFCI Ltd. expressed his gratitude to Ministry of Social Justice and Empowerment,  for entrusting the responsibility to  IFCI  Ltd.  for implementing the Scheme.

 

 Shri Mukherjee further requested the Banks to actively participate in the Government of India initiative, a noble objective of financial inclusion of SC community.
 

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