1 year ago
Punjab Cabinet Approves Loan Waiver for SC and Disabled Families
The Punjab government has decided to forgive loans for over 4,700 people from Scheduled Caste and disabled families.
These families took out loans to start small businesses or for education, but couldn't pay them back due to tough times.
The government will pay back the loans, totaling Rs 67.84 crore, to the Punjab Scheduled Castes Land Development and Finance Corporation.
This includes the original amount, plus interest and any penalties.
The government says this is a promise made in the State Budget to help these families and restore their dignity.
These loans were provided to uplift economically weaker sections of the society.
This initiative addresses loans taken out before March 31, 2020.
The Punjab Cabinet approved a Rs 67.84 crore loan waiver for 4,727 Scheduled Caste and disabled loanees.
Loans were disbursed by the Punjab Scheduled Castes Land Development and Finance Corporation (PSCFC).
The waiver covers loans disbursed up to March 31, 2020.
Chief Minister Bhagwant Mann stated the waiver fulfills a promise made in the State Budget.
The initiative aims to provide relief to families who were unable to repay their loans.
- Who
- The Punjab Cabinet, benefiting 4,727 Scheduled Caste and disabled loanees.
- What
- The Punjab Cabinet approved a loan waiver.
- Where
- Punjab
- When
- The waiver covers loans taken until March 31, 2020.
- Why
- To provide relief to Scheduled Caste and disabled loanees who couldn't repay their loans.
Key facts
- Loan Amount Waived
- Rs 67.84 crore
- Beneficiaries
- 4,727 Scheduled Caste and disabled loanees
- Cut-off Date for Loans
- March 31, 2020
- Loans Disbursed By
- Punjab Scheduled Castes Land Development and Finance Corporation (PSCFC)
- Loan Types
- Small enterprises like ration shops, hardware stores, and education
- PSCFC Establishment
- 1971
- Loan Recovery Rate (PSCFC)
- 84%
Sources
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