Banks will provide funds at 7% to women self help groups : RBI

Banks will provide funds to women self help groups, SHGs, in rural areas at 7 per cent under the Deendayal Antyodaya Yojana said Reserve Bank of India.
RBI issued the revised guidelines on interest subvention scheme under DAY-NRLM, as received from the Ministry of Rural Development for implementation by 21 public sector banks and 19 private banks.All women self help groups will be eligible for interest subvention on credit upto 3 lakh rupees at 7 per cent per annum. Banks will be subvented to the extent of difference between the Weighted Average Interest Charged and 7 per cent subject to the maximum limit of 5.5 per cent for the year 2017-18.