NRKs may enquire about Norka loan at bank in the UAE
We want to see to that this rehabilitation package is implemented very well in Kerala. We also want to reduce the waiting time for NRKs to avail of loans and launch their businesses.”
Harikrishnan Namboothiri, chief executive officer of Norka Roots
dubai — Non-resident Keralites (NRKs) in the UAE may now enquire about the Department of Non-resident Keralites Affairs’ (Norka) expanded self-employment project through the UAE branches of an Indian multinational bank.
Norka recently sealed partnerships with Bank of Baroda and eight other banks in Kerala, now allowing prospective entrepreneurs to seek financial help from the firms’ 3,000 branches. Bank of Baroda has 15 branches across the UAE.
Harikrishnan Namboothiri, chief executive officer of Norka Roots, said the Kerala government has earmarked a total of Rs150 million this year for capital and interest subsidies under the Norka Department Project of Return Emigrants (NDPREM) programme.
“We want to see to that this rehabilitation package is implemented very well in Kerala. We also want to reduce the waiting time for NRKs to avail of loans and launch their businesses,” Namboothiri told Khaleej Times.
A total of 687 beneficiaries have already received Rs79.3 million in subsidies from Norka partner financial institutions, officials said.
“We are witnessing a steep rise in the reverse migration rates in recent times. In a bid to rehabilitate the NRK returnees, we are working closely with financial institutions to speed up the process of availing loans for aspiring entrepreneurs,” Namboothiri said.
He added that the department is looking to tie up with more banks to oversee the programme. Till 2018, Norka’s NDPREM programme had partnerships with only three financial institutions back home.
Aside from Bank of Baroda, the new partner firms include State Bank of India, Union Bank, South Indian Bank, Kerala State Backward Classes Development Corporation, and Kerala State Pravasi Welfare Development – Co-operative Society, among others.
Namboothiri said: “The concept is simple. Once entrepreneur signifies his or her interest to avail of the service, he or she takes part in an orientation programme, after which there will be a screening and sectoral-specific training. Once the training is complete, a draft project report is submitted to the banks, with a recommendation letter from Norka.”
Norka has also decided to increase the frequency of the orientation programmes, taking place in district offices across the state.
Expats who are raring to launch their businesses back home have expressed their interest in the sectors of agriculture and trade, as well as manufacturing, Namboothiri said. There were also inquiries on poultry, fishery, food processing, integrated farming, farm tourism, sheep rearing, vegetable cultivation, and beekeeping.
Training for the launch of service industries, such as the opening of repair shops, restaurants, taxi services, salons and other sectoral-specific roles, are also provided through the scheme.
“We encourage both men and women to become part of the programme. Norka has already disbursed the existing budget allocation of Rs150 million under the NDPREM scheme to 2,452 applicants during the 2018 financial year,” Namboothiri said.