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Sidbi allots more for Orissa cyclone schemes

P.T. Jyothi Datta

CALCUTTA, Feb. 25

THE Small Industries Development Bank of India (Sidbi) has earmarked re-finance of an additional Rs. 117 crores in the current fiscal for the 14 cyclone-affected districts in Orissa.

This takes Sidbi's total business in the State to a little over Rs. 300 crores, including the re-finance agency's normal business worth Rs. 185 crores, this year.

Mr. Narendra Chitre, Sidbi's CGM, said the additional re-finance amount of Rs. 117 crores, for the 14 cyclone-hit districts in the State, would be disbursed through primary lending agencies such as the commercial banks, RRBs, self-help groups, Orissa Sta te Finance Corporation (OSFC) and Industrial Promotion and Investment Corporation of Orissa Ltd (Ipicol).

Following the aftermath of the cyclone, a meeting was convened in Bhuvaneshwar in November 1999, Chaired by the Union Minister of State for Small-Scale Industries, Ms. Vasundhara Raje. Representatives from the nationalised banks, RRBs, Coir Board, Khadi Village Industries Corporation and Sidbi participated in the meeting convened to draw up a relief package for the State.

Detailing the break up of funds, he said that Rs. 50 crores would be disbursed through OSFC, Rs. 20 crores through Ipicol, Rs. 30 crores through the commercial banks and RRBs, about Rs. 5 crores would be through the National Equity fund, and Rs. 12.5 cro res through Sidbi's micro-credit foundation and self-help groups.

He, however, said that the Rs. 117 crores had been ear-marked for the period between November 1999 to March 2000, however, actual disbursements could run into the next fiscal. This would be in addition to Sidbi's regular business of Rs. 185 crores in the State, he said.

Of the 16 small and medium units supported by Sidbi in the State, about 11 had been hit by the cyclone of October 29. Sidbi was currently in the process of drawing up rehabilitation programmes for each of these, he said. It was also in the process of ide ntifying non-Governmental organisations in the 14 affected districts to start its rural industries development programme.