Dr Hina Bhat urges banks to follow RBI guidelines, not to seek collateral with Rs 10 lakh project cost under PMEGP, JKREG

Interacts with DDC, BDC members, PRIs representatives from Budgam
During the interactive session, Dr Hina gave a brief about the employment generation programmes being implemented by the Board.
During the interactive session, Dr Hina gave a brief about the employment generation programmes being implemented by the Board. Special arrangement

Budgam: Vice Chairperson J&K KVIB, Dr. Hina Shafi Bhat, presided over an interactive session with DDC, BDC members and representatives from PRIs at Budgam.

Besides DDC/BDC members and PRI representatives, the session was also attended by senior officers from Board, District Administration, senior officers from banks and a large number of aspirant entrepreneurs and educated unemployed youth of Budgam.

During the interactive session, Dr Hina gave a brief about the employment generation programmes being implemented by the Board.

Calling the Panchayat Raj Institutions as drivers of rural economy, she enjoined upon the line departments and bankers to utilise their services in identification of genuine and deserving candidates under employment generation programmes.

She further underlined the need for close coordination and synchronization among the line departments and bankers to ensure that the benefits of these schemes are percolated to the target population. Dr. Hina Bhat asked LDM Budgam and Cluster Head JK Bank that in consonance with guidelines of RBI, circular instructions must be issued to bank branches not to seek collateral security from cases involving project cost of upto Rs. 10 lakhs under PMEGP and JKREGP.

Referring to pendency at banks, she enjoined upon financing bank branches to process the cases strictly as per timelines fixed in the scheme guidelines.

She assured that every kind of hand-holding support shall be extended to aspirant/ prospective entrepreneurs to ensure hassle free processing of their proposals both at Implementing Agency as well as bank level.

Dr Hina Shafi Bhat informed that from 2019-20 to 2022-23 as on date, margin money of Rs. 59.29 crores with bank loan of Rs. 165 crores has been provided for establishment of 2732 units thereby creating employment opportunities for 21590 people under JKREGP and PMEGP in District Budgam through J&K KVIB.

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