INTEREST RATE REBATE FOR DIVYANG BORROWERS
Why in the News?
- The government has introduced a one percent interest rate rebate for divyang borrowers.
- This initiative falls under the National Divyangjan Finance and Development Corporation (NDFDC).
Objective:
- The decision is part of an effort to enhance financial inclusion for persons with disabilities.
- Aims to foster economic empowerment among individuals with disabilities.
Encouraging Responsible Repayment:
- The interest rate rebate is designed to encourage responsible repayment practices among divyang borrowers.
- A strategic measure to facilitate smoother access to financial resources for individuals with disabilities.
Divyangjans in India
Divyangjans, also known as persons with disabilities (PWDs) in India, are individuals who have a long-term physical, sensory, mental, or intellectual impairment which hinders their full and effective participation in society.
As per the Rights of Persons with Disabilities (RPwD) Act, 2016, which was enacted on December 28, 2016, and became effective on April 19, 2017, the definition of disability is formulated on a continually evolving and dynamic concept.
- The number of recognized disabilities has been expanded from the existing seven to a total of 21.
- List of 21 Disabilities:
- Physical Disability
- Locomotor Disability
- Leprosy Cured Person
- Cerebral Palsy
- Dwarfism
- Muscular Dystrophy
- Acid Attack Victims
- Visual Impairment
- Blindness
- Low Vision
- Hearing Impairment
- Deaf
- Hard of Hearing
- Speech and Language Disability
- Intellectual Disability
- Specific Learning Disabilities
- Autism Spectrum Disorder
- Mental Behaviour (Mental Illness)
- Disabilities caused by Chronic Neurological Conditions like
- Multiple Sclerosis
- Parkinson’s Disease
- Blood Disorders
- Haemophilia
- Thalassemia
- Sickle Cell Disease
- Multiple Disabilities