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Cabinet nods to waiving off weavers' loans

Wed 06th Oct 2010 08:17 AM
Cabinet nods to waiving off weavers' loans
Cabinet nods to waiving off weavers' loans

The state government has decided to waive loans to the tune of Rs 327.04 crore to all the weavers, both individual and the weavers' societies.

This was disclosed by Information and Broadcasting Minister J Geetha Reddy after the Cabinet Meeting held at the State Secretariat on Wednesday.

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The Cabinet, chaired by Chief Minister K Rosaiah took the decision to waive off the loans, following the recommendations of a Sub-Committee. The loans and the accruing interest were waived off after the YSR-appointed Sub-Committee’s recommendations. The Sub-Committee’s recommendation that the APCOB could be appointed as the nodal agency to take steps for arranging new credit limits to the weavers immediately was also approved and directions issued in this regard.

Ms Geetha Reddy also revealed that a cabinet Sub-Committee has been constituted earlier to review the cooperative credit structure’s functioning after implementing the Vaidhyanathan's package and various debt waiver programmes. She added that this the Sub-Committee will submit its report suggesting a road map making structural changes in the Co-operative Credit system for farmer friendly functioning.

The IB Minister added that the Cabinet decided to hold Co-operative Election later once their functioning is set right. The Co-operative Societies elections have been postponed for 6 months to complete the reforms in the sector.

Ms Geetha Reddy also informed that the government has decided to sanction 126 Post Metric Hostels for accommodating 12,000 Tribal students in 64 girls and 62 boy’s hostels with welfare attached.  The expenditure would be Rs. 6.18 crore per annum and one-time expense of Rs 44 lakh. She added that all these hostels will be given free electricity and water supply.