Govt. to hand hold small, petty vendors
CM credit ₹370 crore into accounts of three.7 lakh vendors beneath Jagananna Thodu scheme
Chief Minister Y.S Jagan Mohan Reddy has stated that small and petty vendors shall be hand held by the federal government in order that they don’t fall prey to cash lenders who cost them exorbitant curiosity for hand loans.
The State authorities credited ₹370 crore to 3.7 lakh small merchants in the direction of interest-free loans, beneath the second part of Jagananna Thodu scheme.
Mr. Jagan stated that small and petty vendors, artisans needn’t method personal events for loans, as they’ll take loans from banks beneath Jagananna Thodu scheme to cater to their working capital.
Although 9.05 lakh beneficiaries have been recognized for the scheme, within the phase-1, solely ₹535 crore was disbursed by the banks to 5.35 lakh beneficiaries, regardless of the federal government providing to pay the curiosity. As these vendors come beneath the unorganised sector, the banks don’t present loans and so they find yourself approaching personal events, take loans at high-interest charges to run their companies, and sometimes fall into money owed.
In order to resolve this, the State authorities has determined to lengthen monetary help to remaining 3.7 lakh beneficiaries by Sthreenidhi Credit Cooperative federation and APCOB overlaying all of the eligible beneficiaries by sanctioning loans in rural and concrete areas, the Chief Minister stated, including that ₹.49.77 crore was being borne by the federal government beneath the scheme in the direction of paying curiosity.
“Jagananna Thodu scheme will bring a change in the lives of small and petty vendors, as the government is relieving them from paying heavy interests, and if they repay the loan amount in the given timeline, the State government shall reimburse the interest directly to the beneficiaries’ accounts, and further, they will be eligible to take the next loan,” stated Mr. Jagan.
The Chief Minister stated vegetable vendors, fruit vendors, small shopkeepers, pushcart vendors, and conventional artisans have been eligible to apply for the scheme and if any eligible particular person was not coated on this scheme, they might nonetheless apply by volunteers, and upon verification, they might be supplied with the scheme advantages in a month or two. Also, they’ll name the 1902 toll-free quantity to get enrolled.