Government decides to offer one time settlement
Hyderabad, November 14, 2007
The State Government on Wednesday came out with a decision by waiving Rs.445 crore interest component on loans taken by nearly 36 lakh people from various corporations. The State Government has decided to offer ' one time settlement' for those who availed loans till March 31,2008. According to the decision, those who took loans from State Cooperative Finance Corporation, SPST, State Minorities Finance Cooperation, ST Cooperative Finance Corporation and BC Corporation need to pay only the principal amount.
The decision taken by the Chief Minister, Dr.YS Rajasekhara Reddy is being viewed as the State Government's counter to the Opposition propaganda that the Congress dispensation is neglecting the weaker sections and minorities. The SCs stand to be benefited more as the interest waiver for them is to the tune of Rs.316 crore. STs will be benefited to the tune of Rs.33 crore, BCs Rs.72 crore and minorities Rs.24 crore.
The State Government also announced that from April 1, 2008, BC, SC,ST and Minority finance corporations will extend loans to the beneficiaries on the lines of Indira Kranti Patham loans given to DWCRA women at three percent interest.
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