Biswajit asks banks to speed up pending PMEGP loan sanction

Imphal: Textiles, Commerce and Industry Minister Thongam Biswajit Singh, today chaired a Review Meeting of the Pradhan Mantri Employment Generation Programme, PMEGP at the Conference Hall of his Secretariat Office.

Biswajit instructed the bank officials attending the meeting to sanction loans to the entrepreneurs and meet their respective targets at the earliest.

Asserting that the programme aims to achieve maximum employment of youths, the Minister said that if banks meet their respective targets in sanctioning loans, there will be maximum success in implementation of the programme.

He further urged the bankers to lay emphasis on genuine and new entrepreneurs while sanctioning loans.

Department officials apprised that out of a physical target of loans to be provided to 2063 entrepreneurs for this year, only 60 entrepreneurs have been sanctioned loans so far. On their part, bank officials highlighted that due to the high number of applicants, the verification process is time consuming. The bank officials further sought cooperation and co-ordination from the department officials to speed up the verification process so as to hasten the loan sanctioning process.

The bankers also highlighted the issue of Non Performing Assets before the Minister and the concerned officials.

Biswajit also proposed engagement of a Project Consultation for the programme to assist interested entrepreneurs willing to apply for loans under the programme.

Further assuring to look into the issues of both the banks and department including the low recovery rate of loans, the Minister also urged both bank and department officials to coordinate and work together to ensure success of the programme.

Today’s joint coordination meeting was also attended by Commissioner TCI, RK Dinesh, TCI Director L Bikram, representatives of KVICs, KVIBs, DGMs of DICS, and bank officials among others.

It may be mentioned that the scheme is implemented by Khadi and Village Industries Commission (KVIC) functioning as the nodal agency at the national level and at the state level, the scheme is implemented through State KVIC Directorates, State Khadi and Village Industries Boards (KVIBs), District Industries Centres (DICs) and banks. In such cases KVIC routes government subsidy through designated banks for eventual disbursal to the beneficiaries / entrepreneurs directly into their bank accounts.

The PMEGP aims to generate employment opportunities in rural as well as urban areas of the country through setting up of new self-employment ventures/projects/micro enterprises, among others.

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