Public sector, Central Bank of India has entered into an agreement with the Coir Board to implement the rejuvenation, modernization and technology upgradation scheme (REMOTE) for the coir industry.

As per the MoU, Central Bank will deal with the term loans that can be disbursed under the scheme. The bank will only sanction loans to the people identified by the Coir Board.

The scheme that has recently been approved by the Cabinet Committee on Economic Affairs will cover 4000 units of spinners and 3200 units of tiny and household.

The scheme has been estimated to have an expenditure of Rs 243 crore out of which 40% (Rs 99 crore) will the government's outlay, 55% (Rs 132 crore) would come in the form of term loans and beneficiary is expected to bring in only 5% of the total scheme outlay.

Chairman of the Coir Board, A C Jose thanked the Government for sanctioning an exclusive scheme for Coir Industry to be implemented by Coir Board. He felt that the scheme would stimulate coir development in various dimensions and directions.

Meanwhile the Coir Board is on its way to completing its targets set for the current fiscal.