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Vikas Spoorty, a new loan scheme, has been launched by Karnataka Vikas Grameena Bank

Published on March 07, 2024
Current Context: The Karnataka Vikas Grameena Bank (KVGB) has indeed launched a new loan scheme called ‘Vikas Spoorty’ on 7th March 2024.
Vikas Spoorty, a new loan scheme, has been launched by Karnataka Vikas Grameena Bank (KVGB)
  • This scheme is designed to strengthen the rural credit delivery system and motivate the common man to take up income-generating activities on a small scale.
  • The ‘Vikas Spoorty’ loan scheme offers hassle-free credit without the need for collateral security or surety.
  • It is aimed at meeting the genuine credit needs of small entrepreneurs.
  • The scheme links the repayment of the loan to the small amounts contributed by the borrowers daily to their ‘Daily Deposit’ scheme of the bank (Pigmy account) at their doorsteps.
  • Under this scheme, people may avail a minimum loan of ₹50,000 and a maximum of ₹2,00,000.
  • The customers who intend to take up income-generating activities such as manufacturing, retail trade, small business, artisan activity, farm activities, etc., will be considered for extending need-based credit.
  • But the customer shall open a ‘Daily Deposit’ (pigmy) account and contribute regularly to it to service the repayment of instalment and interest for the loan.

Question:

Q.1 What is the maximum loan amount that can be availed under the ‘Vikas Spoorty’ scheme?
a. ₹1,00,000
b. ₹4,00,000
c. ₹3,00,000
d. ₹2,00,000
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