Tamil Nadu announces to waive Rs.6,000 crore Gold Loans

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According to the government, a total of 1.31 million people have benefited from Tamil Nadu Chief Minister M K Stalin’s decision to waive Rs 6,000 crore in cooperative bank loans on gold up to five sovereigns or less. This announcement was made after Stalin became the Chief Minister, fulfilling a promise made in the DMK poll manifesto. A government order was issued to waive gold loans taken from cooperative banks until March 31, 2021.

The release stated that Rs 4,818.88 crore has been waived, benefiting 1,312,717 individuals who had availed jewel loans. In addition, loans amounting to Rs 2,755.99 crore that were extended to women self-help groups through cooperative banks until March 31, 2021, have been waived, benefiting 117,617 SHGs.

Furthermore, the government extended interest-free crop loans amounting to Rs 35.85 lakh crore through cooperative societies to 4,672,849 farmers between May 2021 and December 2023.

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The statement also highlighted the efforts of the state government to provide relief to families affected by natural disasters. An amount of Rs 6,000 per family was provided to 2.31 million families affected by cyclone Michaung in Chennai and its suburbs. Similar relief was given to families affected by floods caused by torrential rains in Tirunelveli and Thoothukudi districts.

The release emphasized that the Chief Minister’s Dravidian model of governance is focused on the well-being of the people and is implemented through various schemes by the cooperative department. This initiative aims to ensure the welfare and prosperity of the people of Tamil Nadu.

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