FINANCING SCHEMES
FOR ECONOMIC UPLIFTMENT OF WEAKER SECTIONS. 1.
Permanent residents of
J&K who belong to notified Scheduled Castes, Scheduled Tribes,
Backward Classes, Minorities are eligible for assistance under different
schemes of the Corporation for setting up viable income generating units. 2.
For Loans/Subsidies etc.
under bank tie-up schemes the annual family income of the applicant should
be below the poverty line. For assistance under direct financing schemes,
the annual family income of the applicant must be below double the poverty
line; 3.
The applicant should not
be a defaulter with any financial institution. Any loan drawn by the
applicant from any financial institution must be liquidated before he can
be considered for assistance by the Corporation. 4.
Any applicant for
schemes involving vehicles should possess a valid driving licence for the
type of vehicle applied for. 2.
SCHEMES FOR SC, ST AND BCs: A)
LOANING WITH BANK TIE-UP
Under the annual action plan of the Lead Bank Scheme, the
Corporation arranges, in each district, allocation of a certain defined
amount of credit to be advanced by different commercial/rural/scheduled
banks to beneficiaries sponsored by it.
The Corporation pays subsidy to the extent of 50% of the unit cost
subject to a maximum of Rs.5, 000/- per SC, ST beneficiary and 33.33%
subject to a maximum of Rs.3,000/- in case of BCs. The rest is bank-loan
to be repaid by the beneficiary in easy installments over a period of time
varying from scheme to scheme, For loans involving higher unit cost,
interest subsidy is also available in addition to the normal subsidy. In
such cases, an amount of 25% of the unit cost is kept in fixed deposit
with the financing bank and the interest earned is shared between the
beneficiary and the Corporation in the ratio of 60:40.
Any eligible person desirous of establishing a feasible project can
apply to the District Manager of the Corporation in the prescribed form
available free of cost. The Corporation field staff will conduct a survey
to determine the suitability/feasibility of the proposed activity and the
genuine of the beneficiary. The cases deemed fit will be sponsored to the
banks in the concerned area for sanction of loan. On receipt of the
sanction from the bank, the Corporation will realize subsidy/margin money
to the bank concerned. The bank may withhold disbursement of the
sanctioned loan till it receives the subsidy component from the
Corporation. The income generating assets will be handed over to the
beneficiary in presence of the committee comprising of the bank Manager,
District Manager of the Corporation, representative of the insurance
company and the concerned Vet. Asstt. Surgeon in cases involving animals,
District Manager of the Corporation is fully empowered to monitor the
running of all units so established. B)
DIRECT FINANCING IN COLLABORATION WITH NSFDC, NBCFDC & NKSFDC. The
Corporation is the channalizing agency for the flow of the credit from the
National Scheduled Castes & Scheduled Tribes Finance and Development
Corporation (NSFDC) and National Backward Classes Finance and Development
Corporation (NBCFDC) to members of SC, ST and BC communities living below
double the poverty line, who also fulfill other eligibility conditions
outlined above.
At present term loan assistance is
considered for the applications received in response to the advertisement
issued from time to time in respect of identified schemes for which loan
arrangements are finalized with apex Corporations. The beneficiary is to
contribute only 5-10% of the project cost. The rater of interest on such
loans varies from 6% to 8.5% for SC, ST beneficiaries and 7-12% for BC
beneficiaries.
The selection is made, on the basis of
the field reports furnished by the District Manager, by an implementation
committee constituted for the purpose. The committee may adopt any method
of selection as it deems fit depending on the type of scheme. The
distribution of the units is guided by the population proportion of the
SC, ST and BCs in the different districts of the State.
The selected beneficiary has to enter into legal agreement with the
corporation for the amount of loan sanctioned, furnish two sureties on
prescribed surety bonds and a deed of hypothecation of the assets and
complete all such formalities as the management may prescribe from time to
time. All payments are made directly to the seller/authorized agency and
only the asset will be given to the beneficiary.
The implementation of the scheme is a time bound affair in which
applications on prescribed form is invited upto a certain date. When the
loaning formalities are completed for one lot, applications are invited
again as son as the apex corporations see letters of intent for
implementation of more schemes.
The wide range of feasible income generating units can be financed
in trade, industry, agriculture or service sectors. SCHEMES FOR MINORITIES
For male members of the economically backward sections amongst
Muslims, Sikhs, Christians, Budhists and Zohrastians living below double
the poverty line, the corporation finances income generating units in
collaboration with National Minorities Development and Finance Corporation
(NMDFC). For female members of these communities the assistance is being
provided by J&K Women’s Development Corporation. The applicant
should fulfill all eligibility criteria as outlined above. NATIONAL SCHEME FOR LIBERATION
AND REHABILI-TATION OF SCAVENGERS AND THEIR DEPENDENTS.
The Corporation has been entrusted with the responsibility to act
as nodal agency for rehabilitation of the persons who are engaged in the
occupation of manually removing the night soil and filth, and their
dependents, by providing them financial assistance to take up alternative
and dignified occupations in trade, agriculture and service sectors.
SALIENT FEATURES:
The corporation can organize training in identified trades for
scavengers and their dependents at the nearest training institution/center
of the state/central Government or an NGO. The cost of training per head
shall be upto Rs.500/- per month. The maximum duration of the training
shall be six months. Stipend @ Rs.150/- per month is paid out of the
monthly training expenses of Rs.500/-. The training can be in trades like
Cutting, Motor
Winding, Carpentry, Computers, House wiring, motor driving etc. 2.
FINANCIAL
ASSISTANCE:-
The credit is made available to the applicants for establishment of
the projects involving unit cost of below Rs.50,000/-. The scheme provides
for payment of subsidy @ 50% of the unit cost subject to a maximum of
Rs.10,000/-. 15% margin money loan @ 4% interest and the remaining cost of
the unit to be met from the bank loan. Contact person: District
Manager, SC/ST/OCB
Corp. Concerned District. |
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