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SBI Caps to appraise Tea Fund loans

Indrani Dutta

Tea Board sets up 4 panels

KOLKATA: The loan appraisal process under the Special Purpose Tea Fund (SPTF) is to be outsourced and the appraising agency will put up its recommendations to the screening committee for sanction of individual loans.

Confirming this, Tea Board Chairman, Basudeb Banerjee, told The Hindu that SBI Capital Markets had been chosen as the agency. He said the screening committee would ensure that the appraisals were carried out according to the norms laid down by the SPTF Committee and weeded out applicants from those gardens who were wilful defaulters to the banking system.

Union Commerce Ministry sources that the screening committee was among the four panels set up by the Tea Board in order to put in place a professional framework for management, monitoring and supervision of the SPTF. These are the SPTF Committee, the Screening committee, a Monitoring committee and a Treasury Management committee.

The SPTF committee is headed by Tea Board chairman with representation from major lenders to the Fund, National Bank for Agriculture and Rural Development (Nabard) and representatives of the four tea-producing states. It would lay down the fund policies and approve matters relating to the lending norms, investment and borrowing policy guidelines.

The monitoring committee has been assigned the job of monitoring pre and post sanction inspection (to be carried out by Tea Board field staff) to ascertain the eligibility of loan applicants.

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