According to the promise given in the ELECTION MANIFESTO, 5.01 lakh small traders have received interest-free loans of up to Rs 10,000 under the 'Jagannanan Todu' scheme. The scheme was launched by CM YS Jagan on November 25 last year. He reviewed the progress of the scheme on the 18th of this month. Banks have sanctioned interest-free loans to about 5.82 lakh small traders. 5.01 lakh small traders have also been given loans. Applications were sent to bankers for a total of 9.65 lakh eligible persons. The beneficiaries were identified as eligible beneficiaries and submitted their applications to banks.
The chief secretary of the village and ward secretariat, Ajay Jain, said that the loans would be sanctioned to the rest of the eligible persons by the end of March. During the recent CM review, the banks have also been instructed to sanction interest-free loans through banks at the end of March and action is being taken accordingly. District officials often visited the concerned bank branches and spoke to bank officials and said they were looking to grant interest free loans to small traders. They were reviewing the jcs every week.
The interest is paid by the state government if the principal small traders pay. Village and Ward Secretariat volunteers are distributing identity cards to small traders who have been identified for interest free loan. Those who sell small items on footpaths, sell vegetables on carts, sell food items on roadside, work shops, ati koppaka toys, clay pots, leather toys, bobbili veena makers, etc. are granted interest loans of up to Rs. 10,000. Such small traders take capital from private moneylenders on a daily basis to pay more interest in their day-to-day labour and earnings. YS Jagan, who saw their difficulty in the footpath, started the scheme to meet their difficulty.
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