Latest News | Develop Interest Calculator on PMEGP Portal for Beneficiaries: Par Panel
Get latest articles and stories on Latest News at LatestLY. A Parliamentary panel has expressed the need for developing an interest calculator on the Prime Minister's Employment Generation Programme portal so that the scheme's beneficiaries are able to calculate their interest liability themselves.
New Delhi, Mar 15 (PTI) A Parliamentary panel has expressed the need for developing an interest calculator on the Prime Minister's Employment Generation Programme portal so that the scheme's beneficiaries are able to calculate their interest liability themselves.
The Public Accounts Committee in its report tabled in Parliament on Monday desired that the Khadi and Village Industries Commission (KVIC), which is implementing the government's flagship PMEGP scheme, develop a robust mechanism in coordination with the Department of Financial Services/banks to ensure that instances of charging excess interest do not recur.
The panel made the observation after it noted that banks had charged interest on the entire loan amount including the margin money, thereby placing additional burden on the beneficiary and changing the nature of the subsidy to that of a loan.
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