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Gram Udyog Rojgar Yojana through Private Sector Scheduled Commercial Banks/Co-operati

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Gram Udyog Rojgar Yojana through Private Sector Scheduled Commercial Banks/Co-operati
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Gram Udyog Rojgar Yojana through Private Sector Scheduled Commercial Banks/Co-operati - October 13th, 2010

Gram Udyog Rojgar Yojana through Private Sector Scheduled Commercial Banks/Co-operative Banks.


The scheme is implemented through the private sector scheduled banks on selective basis on approval, after verification of intending banks` last 3 years balance sheet and ascertaining quantum of leading portfolio.


Margin money portion will be paid on actual reimbursement basis to the banks by the respective boards out of margin money amount placed with them by the KVIC and as per guidelines issued for the purpose.
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Re: Gram Udyog Rojgar Yojana through Private Sector Scheduled Commercial Banks/Co-ope - July 3rd, 2015

Guidelines and Modalities of Gramodyog Rojgar Yojana

Banks:

a) All Public Sector Banks

b) Regional Rural Banks

c) Cooperative Banks, approved by Orissa Khadi & Village Industries Board.

Eligible Borrowers:

The eligible agencies under the scheme are

1) Individual Artisans/Entrepreneurs.

2) Institutions, Cooperative Societies and Trusts

3) Self-Helf Groups (S.H.Gs).

§ There is no restriction on income and residence of the beneficiary.

§ Partnership firms, Private Limited Companies, Joint Ventures, Joint Borrowers, Co-obligators or HUF are not eligible under the scheme.

Eligible Projects:

The Scheme is applicable to all new village industry projects set up in rural area. Any extension or renovation of existing unit will not be eligible for this facility.

Eligible Activities:

All activities, which do not appear in the Negative List circulated by KVIC are eligible for financing under the scheme.

“Village Industry” means any industry located in Rural Area, which produces any goods or renders any services with or without the use of power and in which fixed investment per head of any artisan or a worker does not exceed Rs.50,000/-.

· The total fixed investment (i.e. Cost of building/work-shed and machinery) divided by full time employment should not be more than Rs.50,000/- in a Project.

Negative List

A. Meat (processing, canning and / or serving) and intoxicant items (production / manufacture / sale)

B. Cultivation of Crops / Plantation, Animal Husbandry, Pisciculture, Piggery, Poultry etc. and Khadi & Polyvastra.

C. Any project causing environmental problems.

Location of the Project:

The Project must be installed in “Rural Area” only, “Rural Area” means-

1) Any area classified as village as per revenue record of the State irrespective of population, and

2) It also includes an area even if classified as town provided its population does not exceed 20,000 (as per 1991 census.)

Project Cost:

For individuals / institutions, the minimum ceiling limit is Rs.50,000/- and maximum limit is Rs.25 lakhs.

· Cost of land should not be included in the Project Cost.

Borrower’s Own Contribution:

A) General category : 10% of Project Costs.

B) Weaker Section : 05% of Project Cost.

· Weaker Section includes beneficiaries of Women/SC/ST/OBC/Physically Handicapped/Ex-Servicemen and Minority communities.

Quantum of Loan:

Amount of Loan to be sanctioned by Financing Institution in favour of a beneficiary will be total Project Cost minus Promotor’s contribution. It should be for:

A) General Category : 90% of Project Cost.

B) Weaker Section : 95% of Project Cost.

Margin Money:

The following amount of margin money is available in case of different category of beneficiaries for setting up village industry.

For the projects upto Rs.10,00,000/-:

A) General Category : 25% of Project Cost.

B) Weaker Section : 30% of Project Cost

For the projects above Rs.10,00,000/-:

A) General Category : 25% up to Rs.10,00,000/- plus 10% of the of the remaining Project cost.

B) Weaker Section : 30% upto Rs.10,00,000/- plus 10% of the remaining project cost.

· Note that no margin money is available against any old and existing unit as well as extension or renovation of the same.

Duration for submission of claim form:

The Financing Institution should submit the margin money claim within 3 months from the date of first release of funds to the borrower to Orissa Khadi & Village Industries Board through the concerned GM, DIC. For old claim, if any, which are submitted belatedly, the extract of the Audit Para of the internal inspection of the Bank wherein delay in claiming margin money is mentioned should be submitted by the Financing Institution invariably with their claim papers. These claims will be finalised on the merit of each case as per circular No.MMS/Corres./M-195/2000 dated 27.12.2000 of Khadi & Village Industries Commission.

· The total capital expenditure in a project should be released towards first instalment before margin money is claimed.
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