Get Rs.10 Lakhs under Unemployed Youth Employment Programme

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Canara Bank and MDTSSIA (Madurai district tiny and small scale industries association) organized an awareness program for micro small and medium enterprises (MSME) on Saturday on availing loans without securities. 

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V S Manimaran, president of MDTSSIA, "The MSMEs are not able to receive loans without a collateral security. The managers were not following its guidelines and whenever the MSMEs asked for loans, they would be denied asking them to get a security for themselves." 

Santosh Kumar, general manager of the Canara Bank, Madurai circle, assured a facility for loans that can be used to avail amounts of one to five lakh rupees under the UYEGP (unemployed youth employment generation programme). "We have assured the MSMEs that loans of upto Rs.10 lakhs will be provided to them without security. Our aim is to provide an amount of up to Rs1,500 crore until December 2015, while at present we have already provided Rs 1,200 crore to the micro industries." 

Article Source: www.timesofindia.indiatimes.com