Last Updated :
25 July 2008 at 12:20 IST
Coir Board ties-up with SBI for REMOT scheme
Commodity Online
KOCHI: Coir Board has signed a Memorandum of Understanding with State Bank of India for implementing a novel Coir-centric Scheme to benefit the working class in the Coir sector in the XIth plan.
The total outlay of the Scheme is Rs. 243 Cr. The outlay comprises of Central Government subsidy of Rs.99 crores. The Scheme,which is named as REMOT Scheme (Rejuvenation, Modernisation and Technology Upgradation Scheme) is being implemented by Coir Board with the cooperation of Banks.
The State Bank of India will assist in implementation of the Scheme by disbursing loans under the scheme in Kerala.
The Memorandum of Understanding on implementation of REMOT Scheme of Coir Board was signed on Thursday by Mr.M Kumararaja, Secretary on behalf of Coir Board, Government of India and by Mr. K Neelakandhan, Assistant General Mananger (SME), State Bank of India in the presence of A.C.Jose, Chairman, Coir Board.
The benefit of the Scheme accrues to two categories viz -spinning category and house hold category. Any individual, self help groups or a group of persons who want to engage
themselves in the coir spinning activity or already in the coir spinning activity are eligible for the benefit under the Scheme.
The unit cost for a spinning unit has been pegged at Rs.2.00 lakhs. The beneficiary contribution, either in his individual capacity or in his collective capacity, will be Rs.10000/- . The grant amount of Rs.80000/- 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 need to be closed within a period of five years from the date of sanction. Similarly, for the tiny house hold sector the Unit cost ceiling fixed at Rs.5.00 lakhs. The beneficiary contribution will be Rs.25,000/-. The Bank will provide Rs. 2,75,000/- as term loan with attractive interest which should be closed with in a period of 5 years.
The Board will deposit the grant portion of Rs.2,00,000/- with the Bank.
A C Jose, Chairman, Coir Board informed that this is is the first time in the history of Coir Board that such a novel Scheme with maximum out lay is implemented in the Coir sector for the benefit of workers in the spinning as well as products sector.
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