By Our Reporter
SHILLONG: The State Cabinet on Wednesday approved the proposed tie-up between the Meghalaya Cooperative Apex Bank (MCAB) and National Scheduled Tribes Finance and Development Corporation (NSTFDC) for extending loan to young potential entrepreneurs.
Following this tie up, entrepreneurs would be able to avail soft loan from the MCAB upto Rs 5 lakh at a concessional interest rate of three per cent per annum,” Chief Minister Dr Mukul Sangma said after the Cabinet meeting.
Pointing out that the government has launched various important programmes, Dr Sangma said, “These programmes are also required to be supported by appropriate credit flow at low interest. Since the corporation provides that kind of support, the government has tied up various departments with MCAB to avail this loan and credit flow will be passed on by MCAB at low interest rate.” He informed that the Fisheries department has already tied up with MCAB and the beneficiaries of the Aqua culture Mission programme will now have access to this loan. “The government has also asked various departments including the industries, agriculture, horticulture and veterinary & animal husbandry to structure their programmes so as to tie up with the MCAB for facilitating this loan, he said. This state guarantee up to the tune of Rs 8 crore has been approved by the cabinet for three years.
Other decisions
. The Cabinet also approved appointment of two doctors who completed MBBS outside the state quota.
. The Cabinet decided rename the Jail Road Bazaar in the city as Netaji Subhas Chandra Bose Square.