RBI Revises norms of PMRY

Mumbai, May 29(UNI) The Reserve Bank today revised the norms of Prime Minister's Rozgar Yojana (PMRY), a programme intended to provide self-employment to poor educated youths.

As per the revised norms, families having an annual income up to Rs 1 lakh will come under the scheme. The limit was fixed at Rs.40,000 per annum earlier.

Cost of projects, which can be carried out under the scheme, has been enhanced from Rs 1 lakh to Rs 2 lakh for business and service sectors, while the band is Rs 2 to 5 lakhs for industry sector.

The ceiling on subsidies has also been increased from Rs 7,500 to Rs 12,500 per beneficiary in all states excluding Himachal Pradesh, Uttarakhand and Jammu &Kashmir, where the ceiling will remain at Rs 15,000, RBI said.

The ceiling on subsidy for Self Help Groups (SHGs) has been enhanced to Rs 15000 per beneficiary subject to a maximum amount of Rs 1.25 lakh per Self Help Group.

However, norms insists that the benificiary shall not be a defaulter to any nationalized bank, financial institution or co-operative bank.

The central bank has included all economically viable activities except direct agricultural operations under the scheme.

PMRY was launched in october 2, 1993 with a view to assist the eligible youth in setting up self-employment ventures in industry, service and business sectors in urban and rural areas.

UNI