State gets 70k ‘Bhabishyat Credit Card’ applications

Kolkata: The state government has received over 70,000 applications under the ‘Bhabishyat Credit Card’ scheme launched in the state budget. Addressing a seminar on MSMEs organised by the Bengal Chamber of Commerce (BCC), state MSME secretary Rajesh Pandey said that almost 70% of these 70,000-odd applications have already been processed by different banks. According to Pandey, two lakh youth will get credit cards under this scheme every year. “Our target is to issue 10 lakh cards in the next five years.” As per the scheme, people under the age group of 18-45 will get up to Rs 5 lakh for setting up their own businesses. The Credit Guarantee Trust Fund for micro and small firms will offer 85% guarantee for the credit card and state would offer the rest 15%. “Apart from this, the state will give Rs 25,000 as subsidy,” he added. The state has over 90 lakh MSME units.