Bengal government to launch special campaign for Bhabishyat Credit Card

In an effort to convince banks in Bengal to approve 60,000 applications for the Bhabishyat Credit Card that are currently pending with them, the government of Bengal has planned to conduct a special campaign across all public and private banks in the state between November 2 and November 10.

Since the Bhabishyat Credit Card's introduction in April 2023, the state has received more over 70,000 applications. However, the banks have not yet approved roughly 60,000 applications. According to a senior government official, "a special campaign will be launched to persuade the banks to sanction them."

District officials are scheduled to visit bank branches that have not yet approved the applications. Additionally, they will look into why the banks are not approving those applications.

An official said, "The officials will try to arrange those by contacting applicants if the banks need any additional documents or clarifications."

A youth without employment might establish a business with a loan of up to Rs 5 lakh, guaranteed by the state government under the terms of the scheme.

Each business venture is expected to receive a subsidy from the government up to a maximum of Rs 25,000. The state administration is largely counting on this program to generate revenue for young people without jobs as Bengal continues to be asked a lot of questions over the dearth of job prospects.

Before the 2021 Assembly elections, Chief Minister Mamata Banerjee pledged to create 1.5 crore new jobs in the state.

However, the lack of industry in the state was one of the many reasons why the goal could not be met. This plan aims to partially address the problem. However, the degree to which the banks collaborate with the government will determine the scheme's success, a source stated.

According to several of the officials, banks did not approve the majority of applications because they did not think the applications were feasible.

Before sending the applications to the banks, the state must be very selective and cautious. If applications are submitted correctly, it would be difficult for banks to deny them. A source stated that applicants ought to receive appropriate direction when drafting their business ideas.

In order to receive quality company proposals, bureaucrats also noted that more young people should be encouraged to apply for the program.

The program's annual goal is to enroll 2 lakh youth, but so far this year, only 70,000 applications have been submitted. This indicates that young people are not sufficiently interested in the program to apply for it, according to a source.

A subset of the officials suggested raising the loan amount beyond the current Rs 5 lakh ceiling in order to encourage more applications. "The government needs to realize that the first investment required for a strong business concept is more than Rs 5 lakh. According to an official, the government needs to be more pragmatic in order to receive more feasible business ideas.