Bhabisyat Credit Card: MSME dept inks MoU

Kolkata: The state MSME and Textiles department on Monday signed an MoU with Credit Guarantee Trust Fund for Micro and Small Enterprises (CGTMSE) through which the latter committed to provide credit guarantee coverage to the extent of 85 per cent under West Bengal Bhabisyat Credit Card Scheme(WBBCS).

The state government will provide coverage to the extent of 15 per cent to the projects sanctioned by the banks under the scheme.

The MoU was signed between Rajesh Pandey, Principal Secretary of the state MSME department and Sandeep Verma CEO of CGTMSE in presence of state Chief Secretary H K Dwivedi and Additional Chief Secretary Finance Manoj Pant.

All scheduled commercial banks as well as regional banks will come under the purview of the scheme.

Under the WBBCCS, eligible applicants can take a business loan of up to 5 lakh to start a business. Seed money of up to Rs 25,000 will be provided by the government. The scheme was announced in the state Budget for 2023-24.

The target of coverage is 2 lakh youth per year.