Goa Cabinet Waives Interest on Long-standing Loans for ST and OBC Beneficiaries

The Goa cabinet has decided to waive the Rs 3.20 crore interest on loans taken by 500 Scheduled Tribe and OBC beneficiaries approximately 30 years ago. While the interest is waived, beneficiaries are still required to repay the principal amount. This move aims to resolve pending cases with the Revenue department.

The Goa government made a significant decision to alleviate financial pressure on marginalized communities by waiving Rs 3.20 crore in accumulated interest on long-standing loans. The beneficiaries, belonging to Scheduled Tribe and OBC categories, had taken out these loans 25 to 30 years ago.

Despite the interest waiver, the Chief Minister emphasized that the principal amount of the loans must still be repaid. The loans, originally ranging from Rs 5,000 to Rs 10,000, were obtained from the state-run SC-OBC Finance Corporation to support the community.

The decision brings an end to pending Revenue department cases against the 500 beneficiaries, providing relief and closure to those who have been caught in lengthy bureaucratic processes.

(With inputs from agencies.)