The PM Vishwakarma Yojana is facing problems due to low loan approval from public sector banks (PSBs). The scheme has been introduced to provide financial assistance to artisans in India’s informal sector and their skill development. According to senior officials in this case, only 28 percent of the applicants have been approved.
The scheme was launched for artisans in the year 2023 on the occasion of Prime Minister Narendra Modi’s birthday. These artisans include blacksmiths, goldsmiths, potters, carpentry and sculptors. In this, Rs 13,000 crore has been allocated from 2023-24 to 2027-28. 13.9 lakh applications of loans were submitted before public sector banks but only 3.9 lakh applications were approved. These data highlighted a significant difference between the application and loan disbursement.
An official said, ‘The remaining 7.77 lakh applications were canceled due to various reasons. These reasons were mismatched reasons for loans, not having the identity of applicants and earlier the loan default. Other 1,57,000 applications did not meet the norms of the scheme. About 1,58,000 artisans refused to take the loan to be provided.
Officials said that although 80 percent of the applicants could be detected. 60 percent of these needed loans, yet banks rejected these applications. The rate of cancellation has raised questions about the process of checking and the need for improvement.
The official said, “No application should be canceled at the level of the bank branch. The canceled applications should be essentially reviewed. Banks should re -examine the canceled applications. The branch managers of the bank are expected to re -contact the applicants and consider each option. ‘ Therefore, the government is considering operational changes.
The official said, ‘The opportunity to upload interest grant data should be more than four times. The deadline for depositing monthly claims should be changed from the sixth of the next month to the tenth.
The official said that more main banking data is proposed to be used from the portal. Such as loan distribution information, closure date, non -executed assets (NPAs) conditions and distributed funds.
First Published – April 14, 2025 | 10:32 pm IST
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