The Hindu Business Line : SBI to help Coir Board scheme for workers

Kochi, July 25 The Coir Board has been implementing novel coir-centric REMOT (Rejuvenation, Modernisation and Technology upgradation) Scheme for the benefit of working class in the coir sector in the XIth plan.

The total outlay of the scheme is Rs 243 crore, which comprises a Central Government subsidy of Rs 99 crore.

State Bank of India has expressed its willingness to cooperate with Coir Board for the implementation of the scheme and to consider disbursal of term loan in Kerala.

The memorandum of understanding on implementation of the scheme has been signed by Mr M. Kumararaja, Secretary, Coir Board and Mr K. Neelakandhan, Assistant General Mananger (SME), SBI.

The MoU was exchanged in the presence of Mr A.C. Jose, Chairman, Coir Board.

The benefit of the scheme accrues to two categories — spinning category and household category.

Any individual, self-help group or a group of persons who want to engage themselves in or are involved in coir spinning activities are eligible for the benefit under the scheme.

The unit cost for a spinning unit has been pegged at Rs 2 lakh. The beneficiary contribution, either in his individual capacity or in his collective capacity, will be Rs 10,000. The grant amount of Rs 80,000 will be deposited by the board in the bank. The bank will provide Rs 1,10,000 as term loan to the unit at a lower interest rate. The term loan obtained from the bank needs to be closed within a period of five years from the date of sanction.

Similarly, for the tiny household sector the unit cost ceiling fixed at Rs 5 lakhs. The beneficiary contribution will be Rs 25,000. The bank will provide Rs 2,75,000 as term loan with interest that should be closed within a period of five years. The board will deposit the grant portion of Rs 2 lakh with the bank.

Mr Jose said that this is the first time that such a scheme with maximum outlay is being implemented by the board in the coir sector for the benefit of workers.

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SBI to help Coir Board scheme for workers