Hyderabad, Nov 14 (UNI) Andhra Pradesh Chief Minister Y S Rajasekhara Reddy today decided to totally waive the interest on loans to the tune of Rs 445 crore, to benefit about 36 lakh people belonging to SC STs, Backward Classes (BCs) and minorities.
Those, who had received loans from the APST State Cooperative Finance Corporation and State Minorities Finance Corporation should now pay only the principal amount of the loans they were given, as one time settlement before March 31, 2008, he informed.
The Chief Minister said all categories of the people belonging to SC STs, BCs and minorities, irrespective of the loan amount, would get the interest waiver benefit.
It may be recalled that the Chief Minister during his prajapatham programme in Warangal, promised to waive the interest for the SCs and other weaker sections and today he announced the decision after meeting the officials of these Corporations and reviewing the outstanding loans and interests, according to a release here today.
The Chief Minister also announced that from April first, 2008 the BCs, SC STs and minorities Cooperative Finance Corporations would extend loans on the lines of Indira Kranthi Patham loans given to DWCRA women. These Corporations would extend 50 per cent as margin money with a maximum of Rs 10,000 and the rest from banks as loans at three per cent interest.