news details |
|
|
| Who messed up GoI funded Artisan Credit Card scheme in JK? | | Funds diverted for interest subvention inadmissibly, GOI grants misused | | Early Times Report
Jammu, Dec 14: A startling revelation about the Artisan Credit Card scheme has come to the fore with documents revealing that funds released by the Government of India for the scheme were diverted towards payment of interest subsidy to artisans under the ACC scheme which was not admissible.
The Artisan Credit Card (ACC) scheme was initiated in 2002 by the Indian Bank Association (IBA) to provide a convenient credit facility to the artisans in Jammu and Kashmir.
The scheme was approved by the Reserve Bank of India and the Development Commissioner (Handicrafts), Ministry of Textiles, GoI has been adopted by the banks for implementation. It aimed to provide credit facilities to the artisans, weavers, members of cooperative societies and craftsmen engaged in different activities to start independent ventures of their own. The financial assistance was to be in the form of loan with a ceiling of Rs one lakh from various banks and financial institutions. The GoI, was to provide interest subsidy at 10 per cent on the loan over a period of five years.
Documents reveal that the JKBL had disbursed from July 2016 to February 2017 an amount of Rs 26 crore as interest subvention among 36,891 artisan beneficiaries post release in July 2016 of Rs 26 crore by the government in favour of JKBL under the ‘Prime Minister’s Development Package’ for settlement of outstanding balance of interest on Artisan Credit Cards. The government also directed in July 2016 the Industries and Commerce (I&C) Department/ JKBL to ensure that only genuine flood affected in September 2014 ACC holders are covered by putting in place a proper verification mechanism. The ACC was a scheme existing prior to the announcement of the PMDP and was not eligible for assistance under Interest Subvention Scheme. Moreover, specific linkage to losses that occurred due to flood had not been done.
The government has stated that in a policy decision taken in a meeting held under the Chairmanship of the then Finance Minister of the erstwhile State of J&K, it was decided that Rs 26 crore outstanding on account of interest subvention be provided as one-time relief to the artisan community as this class was badly affected by September 2014 floods and that verification of genuine beneficiaries vested with I&C Department and J&K Bank. The documents further reveal that funds released by the GoI for the scheme were diverted towards the commitment of the government for payment of interest subsidy to artisans under the ACC scheme which was not admissible. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
