Under the direct loan scheme run by the Punjab Scheduled Castes Land Development and Finance Corporation, the income limit for borrowing has been raised from Rs one lakh to Rs three lakhs.
“The State Government has extended the powers to sanction loans up to Rs one lakh to the district managers of the corporation at the district level for the expeditious disposal of debt cases for the convenience of people,” said the state Social Justice, Empowerment, and Minorities Minister Sadhu Singh Dharmsot on Wednesday.
He said that similarly, the district level screening committees are revised and a new committee at the state level has been constituted under the chairmanship of Social Justice, Empowerment, and Minority Officer to provide loan to the needy as soon as possible.
Dharmsot said that the main objective of the Corporation is to provide low interest rate loans to the Scheduled Castes and persons with disabilities for self-employment occupations such as dairy farms, grocery shops, clothing shops, shuttering work, lumbering, higher education loans, so that their economic status can be raised and they can be lifted out from the poverty line.
The Minister further said that the Corporation has provided financial assistance of Rs 2,293.73 lakh to 2,116 beneficiaries even during the difficult times of COVID-19 during the current financial year 2021-2022. The Corporation had set a target of disbursing Rs 40 crore to 1,400 borrowers, under which loan-subsidy of Rs 624.81 lakh has been disbursed to 562 beneficiaries so far.
Punjab Government during its tenure of almost four years has extended loans of Rs 8,066.23 lakh to 8,590 eligible and needy SC youth. In addition, the State Government has given huge relief to the debtors by waiving the debts of 14,260 beneficiaries amounting to Rs 4,540.80 lakh, headded.