RBI nod for loans up to Rs. 1 cr. to SC/ST entrepreneurs
HYDERABAD: The RBI has cleared a proposal made by the State government to give loans up to Rs. 1 crore to SC/ST entrepreneurs without collateral security to encourage them as industrialists.
Announcing this in the Assembly on Thursday in reply to a question by G. Nagesh and P. Ramulu (both Telugu Desam), Major Industries Minister K. Lakhsminarayana said as the RBI approval was available now, a trust would be constituted shortly with an amount of Rs. 5 crore to stand guarantee for the loans given to these entrepreneurs through State Finance Corporation. The Telugu Desam members cautioned the government that some people with bogus caste certificates might apply as the loans were being sanctioned with huge subsidy.
source : The Hindu.
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