Mr. Y.S. Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh (A.P.,) launched the interest money for the Jagananna Thodu scheme.
On the 20th of October, Wednesday, Mr. Jagan Mohan Reddy launched the interest money of the scheme.
The State Government’s Jagananna Thodu scheme would provide financial assistance to small vendors and hawkers in Andhra Pradesh. Under the scheme, eligible vendors and hawkers can apply for interest free loans starting from Rs. 10,000. Vegetable vendors, fruit vendors, small shopkeepers, pushcart vendors, and traditional artisans are eligible to apply for the scheme. Besides the loan, the State Government would also bear the interest money of the loan, which would be credited to the bank accounts of the beneficiaries, who have paid the loan money on time.
The decision to launch the scheme was taken to empower small vendors and assist them financially to grow their business. Another major objective of the scheme is to free vendors from heavy interest on the loans taken from private parties. In addition, to ensure corruption free transactions the State Government also started a special web portal to coordinate with banks and implement the scheme.
In regards to this, Mr. Y.S. Jagan Mohan Reddy released Rs. 16.36 crores for the interest of 4.50 lakh people. The identified 4.50 lakh people are amongst 9.05 lakh people who have taken a loan in June 2021 and paid the amount by the 30th of September.
During the launch of the scheme, the Andhra Pradesh Chief Minister said, “The government is offering an interest-free loan of Rs. 10,000 per year to everyone and distributed Rs. 905 crore to 9.05 lakh people so far and paid Rs 16.36 crore in interest to 4.50 lakh people who have made timely payments.”
The loan amount without interest would be given to the eligible people, twice in a financial year, in June and in December. The Jagananna Thodu scheme was launched in November 2020 and its first tranche of loan money was given in June 2021. In June, a total of 9.05 lakh people took the loan, for which the YSRCP Government released Rs. 905 crores.
Till date, the YSRCP Government has spent a total of Rs. 921.36 crores under the Jagananna Thodu scheme.
The YSRCP Ministers, Members of the Legislative Assembly (MLAs) and other officials were present during the launch of the Jagananna Thodu Scheme. The scheme was launched at the Tadepalli camp office of the YSRCP.
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