J&K Bank to provide loans to educated unemployed youth: Pandey
Srinagar, Sept 2: J&K Bank had adopted Seed capital fund scheme of government of Jammu and Kashmir to provide hassle free finance to the unemployed educated youth in the state.
A statement said that in this regard, the bank, in its board meeting held on August 30 has in principle agreed to act as a partner-financier to this newly formulated scheme launched by the state government under ‘Sher-e-Kashmir Employment and Welfare Programme for the youth (SKEWPY)’.
Speaking about the scheme, the acting Chairman J&K Bank Sudhanshu Pandey (IAS) said, “The Bank, as a matter of fact, has always been at the fore-front of all the initiatives that encourage entrepreneurship and seek to empower the people of the state.”
To encourage our educated and dynamic youth to take up entrepreneurship as a career wherein they can employ many others besides making personal fortunes, we are soon going to launch this scheme,” he added.
The scheme primarily aims to create a sound infra- structure for the entrepreneurship development through sensitization, training and consultancy in J&K state, which is beset with serious problems of both unemployment and under-employment.
However, it is for the first time that the state government has created ‘Entrepreneurship Development Fund (EDF)’ to address the issues of first generation entrepreneurs regarding ‘margin contribution’ and ‘higher risk perceptions in the ventures undertaken’.
To enable prospective entrepreneurs kick start their ventures/projects and make them bankable, J&K EDI will provide non-refundable Seed Capital/Money, equivalent to 35% of the project cost from the newly created EDF.
The loan component which has been restricted to 65% shall be provided by J&K Bank after requisite examination of the financial aspects of Detailed Project Reports (DPR).
Nevertheless, the EDI shall assist in formulating and implementing the state government’s policies for ‘Entrepreneurship Development and Skill Building programmes’.
Some of the distinguishing features of the scheme, as stated by Panday, are fast track project clearances, moratorium of 2 years and flexible repayment of loan in 5-8 years. One of the outstanding features of the scheme is that the borrower shall not be asked to provide collateral or any other tangible security like mortgage of immovable property. All these loans shall be covered under Credit Guarantee Fund Scheme (CGFS).
Lastupdate on : Thu, 2 Sep 2010 21:30:00 Makkah time
Lastupdate on : Thu, 2 Sep 2010 18:30:00 GMT
Lastupdate on : Fri, 3 Sep 2010 00:00:00 IST
- MORE FROM KASHMIR
- Govt to instill sense of security among Sikhs: Omar to Badal
- APSCC meets Badal,condemns Kashmir killings
- Yoom-i-Kashmir, Yoom-i-Qudus today: Hurriyat (M)
- J&K Bank to provide loans to educated unemployed youth: Pandey
- Aasiya, aide booked under PSA
- Zaffar booked under PSA for 'fomenting unrest'
- NC promoting Ikhwan: PDP
- ‘Waqf employees’ salary to be hiked before Eid’
- Nayeem’s judicial remand extended
- Moulana Rehmatullah bereaved
- 744 additional Hajj seats for JK
- Geelani to address congregation today
- PCWF condoles demise
- Students ‘denied’ exam forms
Punjab gives Rs 1 cr for Leh flood affected
GK NEWS NETWORK
Srinagar, Sept 2: Chief Minister, Omar Abdullah today assured the Shiromani Akali Dal President and Punjab Deputy Chief Minister, Sukhbir Singh Badal that his Government would take all steps to instill More
- Srinagar City
Killings, crackdowns, arrests, protests…
Srinagar, Sept 2: Shahr-e-Khaas could be volcanic hub of the summer Capital. But in the past two months of unrest, the south City seems to have faced more atrocities at the alleged hands of police and More
Jammu, Sept 2: After conducting a survey in Doda to find out the reasons behind the spread of diarrhea, the central team today visited Banihal area which also reported several cases of the gastroenteritis More
- South Asia
PRESS TRUST OF INDIA
New Delhi, Sept 2: With only her nomination papers being filed, Sonia Gandhi will be re-elected unopposed as the Congress President for the fourth consecutive term and the announcement is expected to be More