J&K KVIB provides Rs 18cr loan to unemployed youths

Srinagar, Feb 14 (UNI) The Jammu and Kashmir Khadi and Village Industries Board (KVIB) has provided a loan of Rs 18 crore to the unemployed youth of the state for setting up income generating units.

An official spokesman said, in addition a margin money of Rs 6 crore was also provided to the beneficiaries by January-end.

He said that 1,027 lucrative units have been established in the state during the current fiscal so far, providing employment to 11,634 youth.

The Board has a target of sanctioning Rs 31 crore as loan for establishing income generating ventures in the state.

He said to persuade and motivate more people towards cottage industries, awareness camps are being organised throughout the state.

Meanwhile, about 171 families of Budgam district living Below Poverty Line have been provided a loan of Rs 1.10 crore by various financial institutions for setting up income generating units during the last 11 months of the current fiscal.

This was stated at a joint meeting of officers and bankers which was held to review of achievements under various centrally sponsored schemes.

It was informed that 31 Self Help Groups have been formed in the district during the said period and a loan of Rs 33 lakh and subsidy of 17 lakh was provided by the government.

UNI