BOI's new scheme for jewellary makers

Chenani, June 26 (UNI) Bank of India has launched a new and novel scheme for providing loans in the form of gold directly to jewellery manufacturers.

The proposed scheme, 'Star Swarnakar Suvidha Scheme', would finance them, provide a skill development programme (in collaboration with SIDBI) and also tie-up with retailers for sale.

The Bank, nominated for the purpose of import of gold, would use the facility for providing the above.

It would provide assistance to individual jewellery manufacturers, who were hitherto dependent on jewellery traders for their raw material needs, a BOI release said here today.

Jewellery manufacturers and jewellery traders had been procuring gold from MMTC, incurring additional burden on Bank Guarantee commission, as their bankers were not authorized to import gold directly. ''Bank of India can now offer them gold under the scheme at competitive prices by saving them the three per cent commission'', it added.

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