Cooperative jewel loans up to 5 sovereigns to be waived

Chennai

“This government feels that only the eligible people should benefit from the waiver. Hence, it is considered that the waiver of loans below five sovereigns was not necessary in some cases,” Stalin said, adding that the Cooperative Department would soon release detailed guidelines.

The loans of beneficiaries of this year’s crop loan waiver, members of the same family who had availed more than one loan above five sovereigns in same or different cooperative societies, those who availed it using fraudulently obtained family cards under Antyodya Anna Yojana scheme, and a few others would not be waived, he said.

Fifty-one details, including number of jewel loans availed by a family, Aadhaar details, loan volume and ration card were consolidated and scrutinised last month, he said, assuring action against societies that disbursed loans in anticipation of waiver after it was promised ahead of polls.

Stalin said Core Banking Solution would be introduced to streamline these banks and ensure transparency.