Andhra CM Jagan Mohan Reddy Launches No-Interest Loan Scheme

Chief Minister YS Jagan Mohan Reddy on Friday introduced the YSR Zero Interest Loan scheme, under which Rs 1,400 crore was credited to the bank accounts of 8.78 lakh Self Help Groups (SHGs). Under the scheme, women SHG members can avail loans of Rs 20,000-40,000 a year which will benefit over 91 lakh women SHG members across the State. Of the 8.78 lakh SHGs, 6.95 are in rural areas. Check out more details here.

Updated: Apr 26, 2020 17:46 IST

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Monika

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No-interest loan scheme for SHGs.

Speaking on occasion, Jagan Mohan Reddy said that his government was preceding the welfare and development of women, and highlighted various schemes the government has introduced for the same. “Despite the precarious financial condition in the wake of the coronavirus outbreak, we came up with a scheme to benefit women. Our government is extending all financial benefits to women as we are sure they will make proper use of the money for the upliftment of their families,” the Chief Minister of Andhra Pradesh asserted. He stated that his father and former Chief Minister YS Rajasekhara Reddy introduced the Pavala Vaddi (interest at 25 paise) scheme when the interest on SHG loans was about Rs 1. Later, the project was modified to provide interest-free loans and was stalled in 2016 by the previous government. “Today, our government has come up with this scheme for the benefit of women, and I would like to thank god and the women for giving me this opportunity,” the Chief Minister said on Friday.