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Banks urged to expedite disbursements under PMEGP

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Sharing views: Minister for Rural Industries Pongalur N. Palanisamy (second right), Additional Chief Secretary for Micro, Small and Medium Enterprises Department P. Selvam (right) and Director of Industries and Commerce G. Sundaramurthy (left) at a meeting on the Prime Minister’s Employment Generation Programme in the city on Wednesday. —
Sharing views: Minister for Rural Industries Pongalur N. Palanisamy (second right), Additional Chief Secretary for Micro, Small and Medium Enterprises Department P. Selvam (right) and Director of Industries and Commerce G. Sundaramurthy (left) at a meeting on the Prime Minister’s Employment Generation Programme in the city on Wednesday. —

Staff Reporter

COIMBATORE: Minister for Rural Industries and Animal Husbandry Pongalur N. Palanisamy has urged the banks to expedite the processing and disbursement of loans under the Prime Minister’s Employment Generation Programme.

At an interactive meeting on the scheme (for Coimbatore, Tirupur and the Nilgiris Districts) here on Wednesday, the Minister said that the loans were given in the State through the Khadi and Village Industries Commission, Khadi and Village Industries Board and the Directorate of Industries.

Priority

The Micro, Small and Medium Enterprises (MSMEs) were developing in the State. The units should get the loan in two or three months after submitting the application. He urged the banks to give priority to the MSME sector.

He said the targets for the scheme would be met by the end of 2009-2010. Coimbatore was one of the best performing regions because of the industrial activity here, he said. At the meeting, the applicants and beneficiaries explained the problems faced by them in getting the loan and sought clarifications on the interest payment. Some success stories were also presented.

Additional Chief Secretary of the MSME Department P. Selvam said the State had a target of 4,730 projects under the scheme this year.

About 7,000 applicants were sent to the banks and 2,000 applicants had undergone entrepreneurship training. Loans were sanctioned for 2,379 applications and the amount disbursed so far was Rs. 10 crore. About Rs. 60 crore subsidy would be disbursed in the State in 2009-2010.

Director of Industries and Commerce G. Sundaramurthy and State Director of the Khadi and Village Industries Commission D. Dhanapal also participated.

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