Thiruvananthapuram: As part of tackling the challenges posed by the pandemic,  Kerala new Finance Minister K N Balagopal has announced a second Covid package of Rs 20,000 crore in the first budget of the second LDF government on Friday. The Minister has also announced a financial rejuvenation loan scheme to be formulated using primary cooperative societies and commercial banks to overcome the crisis due to COVID-19.

In the loan scheme, the interest part will be borne by the State and the potential of NABARD’s refinancing schemes and the loan packages announced by the Centre and the Reserve Bank of India will be utilised. The scheme consists of three components namely  ‘Cooperative Initiative for Agriculture Infrastructure in Kerala’, ‘loan scheme for labour enterprises”, and ‘loans to Kudumbashree neighbourhood groups’.

Under the scheme ‘Cooperative Initiative for Agriculture Infrastructure in Kerala’, loans amounting to Rs.2,000 crore will be provided this fiscal. The infrastructure rejuvenation loan scheme from NABARD for primary cooperative societies at 4 percent interest will be made available through Kerala Bank.

Under the loan scheme for labour enterprises, loans at reduced rates will be made available to start new enterprises in agricultural, industrial, and service sectors and to rejuvenate non-operational enterprises. The aim is to provide loans worth Rs1,000 crore in 2021-22. Bank loans of at least Rs.1,000 crore will be made available to neighbourhood groups through Kudumbashree this fiscal. All loans up to Rs 5 lakh will be made available at 4 percent interest. An amount of Rs.100 crore is provided for interest subvention.

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