Financial Daily from THE HINDU group of publications
Monday, Nov 22, 2004

Cross Currency

Group Sites

Industry & Economy - Education
Money & Banking - Foreign Banks

Rotary Club(Madras) to help HSBC spot schools for easy loans scheme

Our Bureau

Chennai , Nov. 21

THE Rotary Club of Madras will help Hongkong and Shanghai Banking Corporation (HSBC) identify schools eligible for getting cheap loans under a special programme of the bank.

The bank has, in collaboration with Centre for British Teachers (CfBT), UK, launched a programme called `Enabling Quality Improvement Programmes (Equip) in schools. `Equip' is a combination of financial support from HSBC and technical support from CfBT. The programme has been just launched on a pilot basis in Chennai and Hyderabad.

Private schools set up for educating children of low-income families may get loans up to Rs 7.5 lakh, at an interest rate of 9 per cent, Ms Malini Thadani, Senior Vice President — Public Affairs, India Area Management Office, HSBC, said here on Friday.

The monies borrowed could be utilised for purchase of computers, furniture, library books, teaching materials, sports equipment and infrastructure improvement. However, the funds cannot be utilised for administrative purposes or for meeting a school's staffing requirements.

Answering a question, Mr E. Prakash Kuruvilla, Regional Head - Southern India, HSBC, said that the bank expected to disburse around Rs 10 crore in the first year, which could increase to Rs 50 crore in the next few years.

He said that client schools which display a good payment record and adhere to the standards recommended by CfBT, will be eligible for an education grant from the HSBC Education Trust, UK, at the end of the loan tenure.

This itself is a good incentive for prompt payment and adherence to standards, Mr Kuruvilla said.

Mr N.K. Gopinath, President of the 76-year-old Rotary Club of Madras said that nine schools have been identified so far as potential candidates for the loans.

More Stories on : Education | Foreign Banks | Social Welfare | Tamil Nadu

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Chambers' surveys find manufacturing sector buoyant

AP to seek alternate sources if World Bank refuses loan
`Proposals worth Rs 4,000 cr negotiated at M.P. Invest Meet'
`Parliamentarians must address issues of deprived sections'
Kamal Nath to attend SAARC Ministerial meet in Islamabad
AIDS draft law to stress on non-discrimination at work place
GSPC to go for second rig at K-G basin
DCGI for caution label on Cox II drugs
ICICI Knowledge Park plans another expansion — Third phase to be ready early next year
TUFS cell to help textile units' modernisation in Coimbatore
2-day summit on SMEs from tomorrow
Surprises for CAT exam students this year too
Rotary Club(Madras) to help HSBC spot schools for easy loans scheme
Two-wheeler exports accelerate in April-Oct
VUDA plans land allotment
IT policy drives up realty prices in Guindy, Ambattur
Raheja Corpn bags mandate for AP IT park, gets land
Jeanswear market set to cross Rs 1,900 cr this year: Study
Partnership for village resource centres formed
DRDO drive to recruit NRI scientists
SERP, DWCRA to be merged
IT constitutes 15.5 pc of total exports: Study
Untapped marvels of Malabar

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line