Coir Board has launches a scheme in Kerala with the cooperation of banks. Through scheme named as REMOT Scheme (Rejuvenation, Modernization and Technology Upgradation Scheme) two categories viz – spinning category and household category will be benefited.
The Memorandum of Understanding has been signed on implementation of REMOT Scheme of Coir Board. On behalf of Coir Board, Government of India MoU was signed by M Kumararaja, and by K Neelakandhan, Assistant General Manager (SME), SBI.
The MoU was signed and exchanged in the presence of A.C.Jose, Chairman, and Coir Board.
On this occasion Jose said, “This is the first time in the history of Coir Board that such a novel Scheme with maximum out lay is implemented in the Coir sector for the benefit of workers in the spinning as well as products sector”.
Jose added Coir Board is implementing a novel Coir centric Scheme to benefit the working class in the Coir sector in the XIth plan.
While the State Bank of India (SBI) has expressed its willingness of full cooperation to Coir Board for the implementation REMOT Scheme and to consider/disbursal of term loan in Kerala as outlined in the Scheme.
Under the scheme any individual, self-help group or a group of persons who want to engage themselves in the coir spinning activity or are already in the coir spinning activity are eligible for the benefit.
The total cost of the Scheme is Rs. 243 crore. The expenditure comprises of Central Government subsidy of Rs.99 crores.
The unit cost for a spinning unit has been worked out at Rs.2.00 lakhs. The beneficiary contribution, either in his individual capacity or in his collective capacity, will be about Rs.10000. The rest of the grant amount of Rs.80000 will be deposited by the Board in the Bank.
The bank will be providing Rs.1, 10,000 as term loan to the unit at a lower interest rate. The term loan obtained from the bank will have a time period of five years from the date of sanction.
Likewise, for the small household sector, the unit cost ceiling has been fixed at Rs.5.00 lakhs. The beneficiary will have to contribute about Rs.25, 000. The Bank will provide Rs. 2,75,000 as term loan with attractive interest which will have set time period of 5 years. The Board will be depositing the grant portion of Rs.2,00,000 with the Bank.
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