Bhabishyat Credit Card Scheme: Over 40K applications get sanction

Kolkata: In the 2024-25 financial year, the state government’s West Bengal Bhabishyat Credit Card Scheme (WBBCCS) saw over 40,000 applications worth Rs 925 crores already receiving sanction.

The amount against 28,000 applications was disbursed by the banks. This is to the tune of Rs 590 crore. The subsidy against the applications sanctioned amounts to Rs 65 crore.

“We conducted a special drive ‘Bank Chalo Programme’ from March 17 to 28, involving all district magistrates and banks on board under the scheme.

Our district level officials processed pending applications on a case to case basis and took it up with the banks wherever needed. Several pending applications were cleared during this programme,” said an MSME department official.

According to MSME department records, 5,000 cases were taken up during this programme and 3,000 were cleared.

Total of 2,000 applications were processed and an amount worth Rs 100 crore is in the process of sanction. Till December 2024, pendency was higher.

The scheme offers to young entrepreneurs (18-55 years age) subsidy linked and collateral free loans for setting up new ventures/ projects/ micro enterprises in manufacturing, service and business/ trading/ agro based activities. Eligible applicants can take a business loan of up to 5 lakh. Seed money of up to Rs 25,000 is provided by the government.

The applications were received from April 1, 2023 with the banks charging 10-12 per cent interest against loans.

However, from April 2024, beneficiaries had to pay only 4 per cent against the loan and the balance amount was borne by the state.