VIJAYAWADA: Chief minister YS Jagan Mohan Reddy released 370 crore to 3.7 lakh small traders towards interest-free loans for the second consecutive year on Tuesday under Jagananna Thodu scheme. The amount was paid to beneficiaries through banks.
The CM, after transferring the money into the bank accounts of the beneficiaries from his Tadepalli camp office, said his government is committed to work for the welfare of every section of the society. He wanted vendors and artisans to make use of the financial assistance to improve their business during the pandemic. He asked them to repay the benefit to banks without default and assured them that the government would take care of the interest part.
Jagan further said that the government paid 535 crore to about 5.35 lakh beneficiaries in the first year and has now extended the benefit to 3.7 lakh vendors and artisans in the second year. 49.77 crore would be paid by the government to the banks towards interest on the loans, he said, adding that the initiative was to free small vendors and artisans from the clutches of moneylenders and private financiers, who charge higher rates of interest. He said he had received representations from vendors during his ‘padyatra’.
