Mukhyamantri Aarthik Kalyan Yojana
Category: Business & Entrepreneurship, Banking,Financial Services and Insurance
Level: State | State: Madhya Pradesh

Details:
The scheme “Mukhyamantri Aarthik Kalyan Yojana” was launched by the Department of Industrial Policy and Investment Promotion, Government of Madhya Pradesh on 1st August 2014. The objective of the scheme is to provide low-cost equipment and/or working capital to the Below Poverty Line (BPL) category beneficiaries of Scheduled Castes. The benefit of the scheme will be given for the establishment of new industries/businesses etc.
**Implementation of the scheme:**
The nodal agency for the implementation of the scheme will be the Managing Director, MP State Cooperative Scheduled Caste Finance and Development Corporation Limited, Bhopal, and the Chief Executive Officer/Executive Officer of the scheme through the District Endeavour Cooperative Development Committees. Appropriate financial provision for the scheme will be made by the Scheduled Caste Welfare Department in its departmental budget, and accordingly the physical and financial targets will be decided by the District-wise Managing Director, Madhya Pradesh State Cooperative Scheduled Castes Finance and Development Corporation Limited, Bhopal.
**Financial Flows:**
After disbursement of the loan and establishment of the unit, the amount of margin money assistance and interest subsidy will be claimed by the bank branch on the project cost to the Chief Executive Officer/Executive Officer, District Antyavasayi Sahakari Vikas Samiti limited, district-related.
**Miscellaneous:**

  - Bank means all nationalized banks, cooperative banks, and regional rural development banks.
  - Criminal action can be taken against the beneficiary for wrong/misleading information or for receiving assistance in the wrong way.
  - In case of default in repayment/payment of loan/interest by the beneficiary, the assistance given earlier under the scheme will be recoverable like arrears of land revenue and in the said situation the assistance given in the future will also not be payable.
  - Managing Director, Madhya Pradesh State Cooperative Scheduled Castes Finance and Development Corporation Limited, Bhopal will be competent for interpretation/amendment of the scheme.

**Definitions:**

  - The sum of capital cost and working capital is the project cost.
  - The facility provided by the government in the form of the contribution of the beneficiary in the establishment of the project is called margin money assistance.
  - 6 months after starting the venture, the initial suspension of the debt recovery proceedings (called moratorium).

Benefits:
The maximum cost of the project under this scheme will be ₹50000/-.
Under this scheme, the margin money assistance at 50% of the project cost (maximum ₹15,000/-) will be payable by the government to the beneficiary.
The minimum period of the initial moratorium will be 6 months and after the initial moratorium, the loan repayment will be in 5 years.

Eligibility Criteria:
1. The applicant should be a native of Madhya Pradesh.
   1. The applicant should be a member of the Scheduled Caste category.
   1. The age of the applicant should be between 18 to 55 years as of the date of application.
   1. The applicant should not be a defaulter/insolvent defaulter of any nationalized bank/financial institution/cooperative bank.
   1. If a person is receiving assistance under any government entrepreneur/self-employment scheme, he will not be eligible under this scheme.
   1. The applicant will be eligible for assistance under this scheme only once.

**Note 01:** The working area of ​​the scheme will be the entire Madhya Pradesh (that is, the benefit of the scheme will be given only to those enterprises which are established within the Madhya Pradesh limits).
**Note 02:** The scheme will be for the industry/service business sector.