Disbursement of cash credit to minority women SHGs at Sanskriti Burdwan

West Bengal Minority Development and Finance Corporation distributed Minority Women Empowerment Programme (MWEP) cheques to 777 beneficiaries in a function at Sanskriti Lokmancha Burdwan. In addition scholarships to 1008 students from minority were also disbursed.

MWEP is a scheme conceived by Minority Affairs department of GoWB last year on the pattern of Mahila Samridhi Yojana for STs/ SCs. I have the privilege to draft the guidelines and funding pattern of the Scheme DM Nadia. In brief, there is subsidy of Rs 15000 or 50 % of project cost whichever is less out of upper limit of project cost of Rs 40000. Total loan amount is given by WBMDFC to the beneficiary women from minority community at the interest rate of % on loan amount only. That means for an SHG with six minority members maximum loan of Rs 240000 can be extended, out of Rs 90000 will be subsidy. Now, the SHG can start its own business or food processing unit like paddy husking machine/ mini rice mill out of the credit. Interest cost of Rs 150000 will be Rs 4500 only if the amount is used for one year. It's almost negligible. There is no harassment of banking system. We may seek more number of applications from SHGs.