Centre announces 12 banks to handle textile accounts under TUF scheme
23 Sep '05
2 min read
IDBI and SIDBI were the only two banks so far, designated to finance textile industries under the Textile Upgradation Fund Scheme.
Now, the Centre has announced 12 Nationalised banks and financial institutions as nodal agencies to handle textile accounts, announced a release from Textiles Committee.
They are State Bank of India, ICICI Bank, as the nodal banks for direct handling of the textile accounts financed by them under the Technology Upgradation Fund Scheme (TUFS).
The other banks which have been chosen are the Exim Bank, Punjab National Bank, Union Bank of India, Bank of Baroda, Canara Bank, Bank of India, Central Bank of India, Andhra Bank, Indian Overseas Bank and National Cooperative Development Corporation (NCDC), according to an official communication from the office of the Textile Commissioner.
IDBI and SIDBI were mandated to handle the non-SSI and SSI textile accounts respectively.
All the 12 banks will determine the eligibility of the textile companies seeking TUFS projects as well as grant the benefits and they would cover non-SSI, SSI and also cases covered under the 15 per cent credit linked capital subsidy scheme - TUFS for the small-scale sector and the 10 per cent capital subsidy for specified processing machinery approved under the TUFS recently.
SBI will also function as the nodal bank for its seven associate banks.
For current cases under TUFS, the nodal banks would administer interest reimbursement for the quarter July-September 2005 (payable from October 1).
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