The Full Form of ‘KVIC’ in Banking is ‘Khadi and Village Industries Corporation’.
Full Form of KVIC
KVIC stands for Khadi and Village Industries Corporation, which is a government of India organization established in April 1957 by the Government of India under the Ministry of Micro, Small and Medium Enterprises (MSME). It is responsible for promoting khadi and village industries such as hand-weaving, handicrafts, honey production, small-scale industries, leatherwork, and other rural crafts.
The KVIC’s primary objective is to create employment opportunities in rural areas through the promotion of khadi and village industries. It also provides credit facilities to small-scale entrepreneurs and encourages them to set up their own businesses. It also provides technical support to artisans and small entrepreneurs so that they can produce quality products at competitive prices.
The KVIC also works towards promoting cottage industries by providing financial assistance in terms of grants, subsidies, concessional loans, etc. It also assists with marketing activities for these products both within India as well as outside the country.
In addition to its mandate of promoting khadi and village industries throughout India, the KVIC also serves as a catalyst for enterprise development in rural areas by providing a range of services including marketing assistance, technology transfer/upgradation services for existing units/industries; loans; training programmes; promotional activities such as exhibitions; research & development support; information dissemination services; etc.
The KVIC’s activities are spread across the entire country with regional offices in all the states. The regional offices provide assistance regarding various schemes available from time to time to encourage the setting up or expansion of existing enterprises under Khadi & Village Industries category.
Apart from promoting khadi and village industries throughout India, the KVIC has taken various initiatives over the years such as developing new products suitable for modern market requirements; introducing modern technology into traditional production processes; setting up model units where latest technology could be utilized; providing skill training programs to help artisans upgrade their skillsets according to changing times; starting specialized training centers for imparting specialized skillset training programs; encouraging exports through participation in international fairs & exhibitions; etc., all with an aim to ensure that people living in villages get an opportunity to become self-reliant by generating income from khadi & village industry related activities.
In conclusion it can be said that Khadi & Village Industries Corporation plays an important role in helping promote employment opportunities in rural areas through its various initiatives like providing financial assistance/loans along with technical support so that people residing in villages can become self-reliant by generating income from khadi & village industry related activities.
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