Economy

Bank funds soon for new units launched under Kerala govt scheme

| | Updated on: Jul 01, 2012

Major banks are in advanced stages of reaching funds to new industrial units under a government scheme for promoting entrepreneurship in the state.

Punjab National Bank, Canara Bank and State Bank of Travancore have associated themselves with the Kerala State Self Entrepreneur Development Mission.

NODAL AGENCY

Under the scheme, aspirants with aptitude and earnestness are selected for training and hand-holding before being enabled to avail finance on easy terms.

Selected entrepreneurs can select a financial institution of his or her choice, Mr Yogesh Gupta, Chairman and Managing Director, Kerala Financial Corporation (KFC), said.

KFC is the implementing agency for the entrepreneur development mission. Mr Gupta said that Punjab National Bank has constituted scheme-specific appraisal cells in Thiruvananthapuram and Ernakulam.

Its Thiruvananthapuram cell has completed appraisal on all 22 eligible enterprises in the district. It is expected that they would be able to draw funds during the first week of July, Mr Gupta said.

MORE UNITS

In Kollam, Punjab National Bank has given in-principle clearance to 10 enterprises and a detailed appraisal is in progress. In one case in Kottayam district, Punjab National Bank has already disbursed the amount.

In Kollam, Canara Bank has sanctioned financial assistance to one of the enterprises under the mission. KFC had organised a meeting of heads of banks with the Finance Minister, Mr K. M. Mani, on May 31.

NEXT PHASE

The first phase of registrations, scrutiny, selection and training has seen the emergence of 231 prospective enterprises and 571 entrepreneurs.

The registration for the next batch of candidates will start from this Friday. Under the new system-based registration system, the aspirants are to register themselves online through the website www.kfc.org.

They need to take a printout of the registration form and submit to the secretary of the local body in which the unit is proposed for certification and forward same to the nearest KFC branch.

Updates with regard to the registration will be intimated to the candidates through SMS. Status of their registration may also be ascertained online.

> vinson.kurian@thehindu.co.in

Published on July 01, 2012

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