Amount refunded to KVIC, Union Ministry of MSME liquidates the whole liability of J&K KVIB on account of CBC funding
SRINAGAR, OCTOBER 08: Dr Hina Shafi Bhat, Vice Chairperson, J&K Khadi Village and Industries Board (KVIB) today submitted a cheque of Rs 180.41 lakh to be refunded to Khadi Village and Industry Commission (KVIC) to Lieutenant Governor Manoj Sinha, at the Raj Bhavan.
On the occasion, the Lt Governor appreciated the endeavours of the J&K KVIB in providing training, technology and infrastructure support required for growth of Handicraft and local manufacturing units in the Union Territory. He also lauded the efforts of artisans, new entrepreneurs for strengthening village industries to ensure all-round development and self-sustainability of Jammu Kashmir.
“KVIB has harmoniously blended modern technology & business practices with tradition and making immense contribution in wealth and job creation. Handicraft clusters, manufacturing and service units at the village level will significantly contribute to the growth and earnings of artisans,” the Lt Governor said.
J&K Khadi and Village Industries Board is among the leading Boards in the country which have cleared pending liabilities with the KVIC. The amount will be refunded to Khadi & Village Industries Commission, Ministry of MSME, GoI, which borrows funds from the consortium of banks and in turn releases it to the Boards on bankable interest rates enabling them to carry forward the schemes approved by the commission.
J&K Khadi & Village Industries Board had borrowed Rs 734.63 lakh from the Commission under Consortium Bank Credit (CBC) in order to finance the Khadi institutions and rural artisans in the UT. The board had already refunded Rs 671.39 lakh and the latest refund of Rs 180.41 lakh will liquidate the whole liability of J&K KVIB on account of CBC funding, including the accrued interest.
Pertinently, the J&K KVIB is observing a fortnightly long programme under the theme ‘Gandhi Katha’ to promote Gandian philosophy and principles.