Empowering Entrepreneurs: Challenges in PM Vishwakarma Scheme

Lok Sabha MP Kota Srinivas Poojary called on bankers to improve the distribution of financial services under the PM Vishwakarma scheme, citing issues with loan disbursements. He highlighted the necessity of providing full loans without deductions to empower beneficiaries and foster self-employment.

Lok Sabha MP Kota Srinivas Poojary has urged bankers to restore public trust in financial services by ensuring that loan disbursements, especially those under the PM Vishwakarma scheme, effectively reach the grassroots level. Speaking at a review meeting in Udupi district, Poojary raised concerns about the limited access to loans for common citizens despite improvements in cooperative societies' services.

Pointing to issues with the PM Vishwakarma scheme, Poojary alleged that many recipients did not receive the complete loan amounts due to deductions. "Beneficiaries are expected to get a Rs 1 lakh loan, but in some cases, banks have deducted Rs 12,000 as fees, leaving less for disbursal. This is unfair," he said. He stressed that beneficiaries should receive the full amount to secure loans without unfair practices undermining schemes like PM Vishwakarma, PM-SVANidhi, and PM Mudra.

Officials at the meeting reported that 3,333 candidates had completed training, while 151 were undergoing training in various institutions, with another 2,470 awaiting future sessions. Training includes skills in trades like carpet weaving, and loans are crucial for fostering local entrepreneurship, as highlighted by Udupi-Chikkamagalur MP, who called for banks' support in credit accessibility.

(With inputs from agencies.)