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AP CM disburses interest free loans
Andhra Pradesh CM YS Jagan Mohan Reddy(File Photo)
Andhra Pradesh Chief Minister YS Jagan Mohan Reddy on Friday disbursed interest reimbursement money into the bank accounts of more than 1 crore eligible women under the 'YSR Sunna Vaddi' scheme at Amalapuram in Konaseema district.
Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy on Friday disbursed interest reimbursement money into the bank accounts of more than 1 crore eligible women under the 'YSR Sunna Vaddi' scheme at Amalapuram in Konaseema district.
These women belong to more than nine lakh self-help groups (SHGs) who repaid their loans on time, resulting in the state government, which bore the interest burden to pay Rs 1,354 crore in total as a reward. "I always tell one thing. When our sisters in our home are happy then our families will be happy. To see that kind of happiness in every home, unlike any other place in the country, we are doing this great programme from Amalapuram," said Reddy addressing a public meeting. Along with the disbursal of funds today, the Chief Minister said the state government has credited around Rs 5,000 crore under this zero-interest scheme.
These loans are aimed at empowering women to bolster their enterprises and improve their living standards. Incidentally, SGHs are availing loans worth Rs 30,000 crore in the state. According to Panchayat Raj and Rural Development Minister Budi Mutyala Naidu, more than 16 lakh women benefited through this scheme, enabling them to set up retail shops, textile businesses and rear cattle to earn additional income of up to Rs 10,000 per month.
Meanwhile, Reddy called on people to note the difference between his government and the erstwhile TDP regime which allegedly scrapped the zero-interest scheme in October 2016. Further, he claimed that the TDP government's negligence had pushed SGHs to be saddled with bad debts to the extent of Rs 25,571 crore by the time the 2019 polls came, resulting in more than 18 per cent of their loans being categorised as non-performing assets (NPAs).
Likewise, the Chief Minister observed that the credit rating for these loans was downgraded to C and D grades from A and B. Besides, he taunted TDP chief Nara Chandrababu Naidu saying the former CM will even promise to give a kilogram of gold and a luxury car to every family in the state as elections are approaching.
