Provide maximum lending facilities under CGFS to entrepreneurs in JK
Srinagar, Aug 19 (UNI) Jammu and Kashmir Minister for Finance, Planning Development, Law and Parliamentary Affairs Tari Hameed Karra has asked the banks to be liberal in lending to the small and medium entrepreneurs under Credit Guarantee Fund Scheme (CGFS) for setting up of income generating units in the state.
Mr Karra stated this after inaugurating the one-day awareness camp on CGFS organized by Small Industries Development Bank of India (SIDBI) in collaboration with federation Chamber of Industries (FCIK) and Jammu and Kashmir Bank here today.
He said that CGFS guaranteeing a loan upto Rs 50 lakhs to individual and group entrepreneurs, is of immense help to the small and medium entrepreneurs for creation of jobs and increasing the overall growth rate.
He said that since the launching of the scheme, Rs 10,000 crore loans have been provided to the entrepreneurs with 35 per cent share from SIDBI throughout the country but in Jammu and Kashmir the scheme has not taken off.
Mr Karra, appreciating the role of SIDBI, FCIK and J&K Bank for organising such awareness programmes, he added that successful implementation of any scheme depends on proper awareness among the beneficiaries.
He called for refinancing, direct funding and making guarantee schemes pro-entrepreneur so that the spirit of the scheme does not exhaust, instead of adding capital to a healthy economic set up.
He asked the banks operating in the state to be entrepreneur friendly by maximising the lending facilities to the budding entrepreneurs, which he said would be instrumental in containing the growing problem of unemployment by way of setting up of self-employment unit.
UNI