TUF scheme in rough weather

Speaking at a seminar on the Technology Upgradation Fund Scheme organised by the Surat Textile Club on Monday, Chokhawala said that one of the zonal managers of a nationalised bank attending a banking committee meeting at which he was present had claimed that the zonal office had not received any circular directing it to implement the scheme.

Meanwhile, in a letter to SIDBI, the Surat Textile Co-operative Bank had asked to be considered a banker under the scheme, but had not received a favourable response, said Chokhawala.

The Surat People8217;s Co-operative Bank8217;s story is no different. Sarvodya Co-operative Bank was so eager to finance the scheme that it had even invited applications for loans which were forwarded to SIDBI for approval. But the bank is yet to hear from the Small Industrial Development Bank of India.

In his key note address, Chokhawala asked the textile unit owners to avail of the Technology Upgradation Fund scheme. Under the scheme, one can seek loans not only for modernising industry, but also for introducing pollution control measures and marketing.

Assistant General Manager of SIDBI R J Patolia, who was present at the seminar, assured the Surat Textile Club members that he would take up the matter with his head office.