Tamil Nadu CM Waives Rs 6,000 Crore Cooperative Bank Loans Benefiting 13 Lakh People

Tamil Nadu Chief Minister M K Stalin has waived Rs 6,000 crore of cooperative bank loans on gold for up to five sovereigns or less, benefiting over 13 lakh people. This initiative is part of his poll manifesto. The state government has also waived significant loan amounts for self-help groups and provided extensive relief to families affected by natural disasters.


PTI | Chennai | Updated: 13-06-2024 20:12 IST | Created: 13-06-2024 20:12 IST
Tamil Nadu CM Waives Rs 6,000 Crore Cooperative Bank Loans Benefiting 13 Lakh People
M K Stalin
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Tamil Nadu Chief Minister M K Stalin has enacted a financial relief measure by waiving Rs 6,000 crore worth of cooperative bank loans on gold for amounts up to five sovereigns or less. This move benefits a total of 13.12 lakh people, according to a government announcement made on Thursday.

The waiver, which applies to loans taken from cooperative banks until March 31, 2021, fulfills a promise made in the DMK election manifesto, resulting in a financial reprieve of Rs 4,818.88 crore for 13,12,717 jewel loan recipients. Additionally, Rs 2,755.99 crore in loans given to women's self-help groups have also been waived, benefiting 1,17,617 SHGs.

Furthermore, the state government has extended around Rs 35.85 lakh crore in interest-free crop loans to 46,72,849 farmers from May 2021 to December 2023. The administration has additionally provided Rs 6,000 relief to 23.18 lakh families affected by cyclone Michaung, and similar aid to families hit by floods in several districts. The Chief Minister's Dravidian model aims to uplift citizens by implementing various schemes via the cooperative department.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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