Bengal Govt's fresh initiative for the employment of urban youth
Kolkata, Mar 30 (UNI) After its huge success in rural Bengal, the State Government is going to introduce the benefits of self-help groups (SHGs) in urban areas.
The Self-Help Group and Self-Employment Department, through urban cooperative banks and urban credit societies, has decided to form SHGs of seven youths each in urban areas and give them loans to start business ventures at low interest rates.
A few thousand youths would benefit from this scheme.
Loans would be given at nine per cent rate of interest.
Not just that, after the entire loan is repaid to the bank, the person would be given back seven per cent of the amount of interest paid.
Hence, the effective rate of interest would be just two per cent.