KVIB, signs MoU with CUJ, KU for third party verification of units established under REGP

KVIB, signs MoU with CUJ, KU for third party verification of units established under REGP
Representational PictureFile/ GK

Srinagar: Khadi and Village Industries Board (KVIB) J&K has signed a Memorandum of Understanding (MoU) with Central University of Jammu (CUJ) and Kashmir University for carrying out physical verification of units running under JKREGP.

On Tuesday, the MoU was signed between Secretary KVIB and Registrar CUJ for execution of the memorandum for Jammu division while a separate MoU has been signed with Kashmir University for physical verification of REGP units established in Kashmir division.

Meanwhile talking to Greater Kashmir, Vice Chairperson KVIB Dr Hina Shafi Bhat said MoU was signed by KVIB with CUJ and KU to bring in more accountability and transparency in functioning of these units established under J&K Rural Employment Generation Programme (JKREGP).

"We provide around 35 percent subsidy to new entrepreneurs to set up their units under REGP for which Banks would disburse the money to entrepreneur after doing its verification," she said.

She further said that to bring more accountability and transparency in functioning of these units, they decided to do third party verification of these units which will be done by CUJ and KU.

"CUJ and KU as third party will do the verification whether these units are functional or not because in past we observed that people opened units after taking subsidy but later closed the units claiming losses," VC KVIB said.

She said transperancy and accountability was important in running these units established under REGP.

"Banks also do the verification but our verification is also important

which will be done through Central University of Jammu for Jammu division and Kashmir University for Kashmir division," she said.

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