The Kerala Tourism Department signed a Memorandum of Understanding (MoU) with the Kerala Travel Mart (KTM) Society on Tuesday, October 26. The signed MoU states the disbursal of interest-free loans as much as Rs. 10,000 to assist the workers of the COVID pandemic-hit tourism sector of Kerala. The signed MoU additionally mentions that the loans offered by the Revolving Fund, which is about up by the state authorities, is not going to contain collateral safety.
What did the MoU specify?
During a perform held on the Tourism Directorate, Kerala Tourism Director V R Krishna Teja and KTM president Baby Mathew signed the MoU with a view to assist workers serving the tourism sector. KTM Secretary Jose Pradeep additionally marked his presence through the event.
KTM president Baby Mathew whereas talking on the occasion mentioned, “In this pandemic-ravaged industry, there are a large number of people struggling hard to resume their activities. We are glad that through this generous scheme, loans upto Rs 10,000 will be provided to 10,000 people without any collateral damage.”
KTM Secretary Jose Pradeep attested that the MoU could be of main aid to the workers working within the tourism sector.
“We had asked for a maximum of Rs. 1 lakh as loan but for the time being Rs. 10,000 has been sanctioned. However, we hope that in future, more funds will be provided by the Government,” Pradeep mentioned.
Pradeep went on to thank the Tourism Department for popping out with such an initiative to assist staff in the involved sector, who’re nonetheless grappling because of the hostile results of the Coronavirus pandemic.
Revolving Fund of Rs 10 crore arrange by Kerala govt
Earlier this month, the state authorities led by Chief Minister Pinarayi Vijayan had constituted a Revolving Fund. This fund got here with an preliminary corpus of Rs 10 crore as a part of the efforts to revive the tourism sector. The fund would additionally present jobs to hundreds throughout the state who had been affected because of the Coronavirus pandemic.
A Revolving Loan Fund (RLF) is a supply of cash from which loans are made for a number of small enterprise growth tasks. The fund inherits its identify from the revolving facet of loan reimbursement during which the central fund is replenished as particular person tasks pay again their loans, creating the chance to challenge different loans to new tasks.