Thousands of people likely to be deprived of bank-linked subsidy-cum-loan scheme

, 1:11 PM IST

Although thousands of applications were submitted for the bank-linked subsidy-cum-loan scheme provided by Minority Finance Corporation, the target set by the government is just 8153 beneficiaries. Thus thousands of applicants may be deprived of the benefits of the schemes.

It must be noted that government has decided to provide 50 to 80 percent subsidy on loan and subsidy will be provided for over 100 various businesses. Government has set a target of 87.40 Cr. subsidy to be provided to 8153 candidates. However people showed extraordinary enthusiasm and 30000 applications were received so far. People swarmed to submit applications and officials had a tough time dealing with the applicants due to staff crunch.

The government needs to increase the budget so that maximum number of applicants could benefit from the scheme.

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