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Indian Express
3 days ago
- Business
- Indian Express
Punjab Cabinet clears Rs 68-crore loan waiver for 4,727 SC families
The Punjab Cabinet Tuesday approved a proposal to waive loans amounting to Rs 67.84 crore taken by over 4,700 Dalit families from the Punjab Scheduled Castes Land Development and Finance Corporation (PSCFC). The meeting, chaired by Chief Minister Bhagwant Mann, decided that loans disbursed till March 31, 2020 will be waived. Talking to the reporters after the meeting, Mann said Finance Minister Harpal Sigh Cheema in his budget speech in March had promised to waive the debt. 'With the Cabinet approval, the promise will now be fulfilled,' he said. 'This marks the beginning of relief and dignity for thousands of families who have been burdened by debt for years. A total of 4,727 families will directly benefit as these loans were given to help them start their livelihoods by opening small businesses like dairy farming, grocery shops, tailoring, boutiques, wooden furniture work, building material or hardware shops, leather goods manufacturing, education loans, or restaurants,' said Mann. The CM said that these loans were given before 1995. 'These families could not repay their loans due to circumstances such as the main earning member passing away, prolonged illness consuming all their savings or having no other source of income left. As recovering these loans from such people was unjust, so the state government has decided to waive them off,' Mann said. Cheema, who was also present at the media briefing, said the debt had been pending for the past 20 years and added that neither the Congress nor the Akali Dal-BJP governments of the past cared for SC families when they were in power. 'The full amount of Rs 67.84 crore comprising Rs 30.02 crore in principal, Rs 22.95 crore in interest, and Rs 14.87 crore in penal interest will be reimbursed to the PSCFC by the state government. The cut-off date for calculating the final interest amount will be the date on which the government issues the notification to implement the scheme,' said Cheema. Later, an official spokesperson of the chief minister's office said that the loan waiver covers all loans disbursed by the PSCFC, offering significant relief to SC and Divyangjan (persons with disabilities) loanees. All 4,727 cases (including 4,685 defaulting loanees and 42 regular loanees) will be covered under this loan waiver scheme. No due certificates will be issued by the district managers of the PSCFC. Loanees who have previously availed benefits under earlier waiver schemes are also eligible for coverage under this initiative. No recovery proceedings will be initiated against loanees under PSCFC loan regulations post-waiver. Their accounts will be considered fully settled as of the cut-off date. However, loanees who filed court cases against the Corporation will not be eligible unless they unconditionally withdraw their cases and provide documented proof. As per the 2011 Census, Scheduled Castes constitute 31.94 percent of Punjab's total population. Many members of this community availed loans from PSCFC to establish self-employment ventures aimed at their economic upliftment. However, some borrowers have been unable to repay their loans due to circumstances beyond their control, leading to defaults, said the spokesperson. The PSCFC is a trusted institution established in 1971 that has been providing low-interest loans to the Scheduled Castes community.
Hindustan Times
3 days ago
- Business
- Hindustan Times
Punjab cabinet approves ₹68-cr loan waiver for Dalit families
The Punjab cabinet on Tuesday gave its nod to waive loans amounting ₹67.84 crore, taken by around 4,727 Dalit families from the Punjab scheduled castes land development and finance corporation (PSCFC), chief minister Bhagwant Mann said. A spokesperson of the chief minister's office said the cabinet granted ex-post facto approval for the waiver of loans, disbursed up to March 31, 2020. It will benefit all 4,727 families, including 4,685 that had defaulted on the loan. Beneficiaries who have previously availed benefits under waiver schemes are also eligible for coverage under this initiative. However, those who have filed court cases against the corporation will not be eligible unless they withdraw their cases. No dues certificates (NDCs) will be issued by PSCFC district managers. 'The full amount ₹67.84 crore, comprising ₹30.02 crore in principal, ₹22.95 crore in interest, and ₹14.87 crore in penal interest, will be reimbursed to the PSCFC by the state government. The cut-off date for calculating the final interest amount will be the date on which the government issues the notification to implement the scheme,' said the spokesperson. Consequently, the total waiver amount may increase, and any such increase will also be reimbursed by the government. As per the 2011 Census, Scheduled Castes constitute 31.94% of Punjab's population. Many members of the community have availed loans from PSCFC to establish self-employment ventures. So far, the corporation has disbursed loans to the tune of ₹846.90 crore to over 5.41 lakh people.
Time of India
3 days ago
- Business
- Time of India
Punjab Cabinet approves Rs 68cr loan waiver for 4,700 SC families
Chandigarh: The Punjab Cabinet on Tuesday gave its nod to waive loans of an aggregate amount of Rs 67.84 crore taken by 4,727 Scheduled Caste (SC) and disabled loanees from the Punjab Scheduled Castes Land Development and Finance Corporation (PSCFC), with chief minister Bhagwant Mann stating that debt accrued until March 31, 2020, would be waived. A spokesperson said that the waiver covers all loans disbursed by the PSCFC up to the fixed date, offering relief to Scheduled Caste and Divyangjan (persons with disabilities) loanees. The move will benefit a total of 4,727 loanees. The Cabinet granted ex-post facto approval for the waiver of loans disbursed up to March 31, 2020, for loanees of the PSCFC, he said. Hitting out at the previous govts, Mann alleged that these families were exploited as "vote banks" through false promises. These loans, Mann explained, were taken for various small enterprises like ration shops, hardware stores, boutiques, and even for education. He added that beneficiaries couldn't repay due to unforeseen circumstances, such as the death of an earning family member or prolonged illness, and that the waiver would provide them significant relief. CM Mann stated that the loan waiver was a fulfilment of a promise made in the State Budget 2025-26. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Descubra ofertas de voos imperdíveis Voos | Anúncios de Pesquisa Saiba Mais Undo He noted that the corporation, established in 1971, has provided over Rs 847 crore in low-interest loans to more than 5.50 lakh Scheduled Caste families to date. Mann added that many families petitioned the state govt, citing their inability to repay the loans due to a lack of funds. Finance minister Harpal Singh Cheema stated these loans were pending for almost 20 years, with previous governments failing to address the families' requests for relief. He noted that despite the corporation serving economically vulnerable families, it maintained a surprisingly high loan recovery rate of 84%. This, he highlighted, indicates that the enterprises started by these families are largely successful. Mann also pointed to the cooperative bank in Dhuri, which boasts an almost 99% recovery rate, in stark contrast to the negative rates seen elsewhere. All 4,727 cases (including 4,685 defaulting loanees and 42 regular loanees) will be covered under this loan waiver scheme. "No Due Certificates" (NDCs) will be issued by the district managers of PSCFC. The full amount of Rs 67.84 crore, comprising principal, interest, and penal interest calculated as of April 30, 2025, will be reimbursed to the PSCFC by the state govt. The cut-off date for calculating the final interest amount will be the date on which the govt issues the notification to implement the scheme," a source said. With the implementation of this waiver, 4,727 poor SC and Divyangjan beneficiaries will receive relief amounting to Rs 67.84 crore — comprising Rs 30.02 crore in principal, Rs 22.95 crore in interest, and Rs 14.87 crore in penal interest (calculated up to April 30, 2025). This initiative will help restore their dignity. As per the 2011 Census, Scheduled Castes constitute 31.94% of Punjab's total population. Many members of this community have availed loans from PSCFC to establish self-employment ventures aimed at their economic upliftment. However, some borrowers have been unable to repay their loans due to circumstances beyond their control, leading to defaults, said the spokesperson. MSID: 121600011 413 |
Indian Express
3 days ago
- Business
- Indian Express
Punjab Cabinet approves Rs 68 crore loan waiver for 4,727 SC families
The Punjab Cabinet Tuesday approved a proposal to waive loans amounting to Rs 67.84 crore taken by over 4,700 Dalit families from the Punjab Scheduled Castes Land Development and Finance Corporation (PSCFC). The meeting, chaired by Chief Minister Bhagwant Mann, decided that loans disbursed till March 31, 2020 will be waived. Talking to the reporters after the meeting, Mann said Finance Minister Harpal Sigh Cheema in his budget speech in March had promised to waive the debt. 'With the Cabinet approval, the promise will now be fulfilled,' he said. 'This marks the beginning of relief and dignity for thousands of families who have been burdened by debt for years. A total of 4,727 families will directly benefit as these loans were given to help them start their livelihoods by opening small businesses like dairy farming, grocery shops, tailoring, boutiques, wooden furniture work, building material or hardware shops, leather goods manufacturing, education loans, or restaurants,' said Mann. The CM said that these loans were given before 1995. 'These families could not repay their loans due to circumstances such as the main earning member passing away, prolonged illness consuming all their savings or having no other source of income left. As recovering these loans from such people was unjust, so the state government has decided to waive them off,' Mann said. Cheema, who was also present at the media briefing, said the debt had been pending for the past 20 years and added that neither the Congress nor the Akali Dal-BJP governments of the past cared for SC families when they were in power. 'The full amount of Rs 67.84 crore comprising Rs 30.02 crore in principal, Rs 22.95 crore in interest, and Rs 14.87 crore in penal interest will be reimbursed to the PSCFC by the state government. The cut-off date for calculating the final interest amount will be the date on which the government issues the notification to implement the scheme,' said Cheema. Later, an official spokesperson of the chief minister's office said that the loan waiver covers all loans disbursed by the PSCFC, offering significant relief to SC and Divyangjan (persons with disabilities) loanees. All 4,727 cases (including 4,685 defaulting loanees and 42 regular loanees) will be covered under this loan waiver scheme. No due certificates will be issued by the district managers of the PSCFC. Loanees who have previously availed benefits under earlier waiver schemes are also eligible for coverage under this initiative. No recovery proceedings will be initiated against loanees under PSCFC loan regulations post-waiver. Their accounts will be considered fully settled as of the cut-off date. However, loanees who filed court cases against the Corporation will not be eligible unless they unconditionally withdraw their cases and provide documented proof. As per the 2011 Census, Scheduled Castes constitute 31.94 percent of Punjab's total population. Many members of this community availed loans from PSCFC to establish self-employment ventures aimed at their economic upliftment. However, some borrowers have been unable to repay their loans due to circumstances beyond their control, leading to defaults, said the spokesperson. The PSCFC is a trusted institution established in 1971 that has been providing low-interest loans to the Scheduled Castes community. Replying to a question on the drug menace, Mann reiterated the commitment of his government to wipe out this curse from the state and said no one involved in this heinous crime is being spared and severest of severe action is being taken against them. The chief minister said the state government has adopted a zero tolerance policy against the drug menace and no one indulging in this crime against humanity is being spared. Even the black sheep amongst the law enforcing agencies are being identified and severest of severe action will be taken against them, he said. Referring to the anti-drug campaign '?'Yudh Nasheyan Virudh', he saids everal villages of the state have been made drug free. This fight will continue till an ounce of drug is present in the state and every effort is being made to make Punjab free from this scourge, he said. Replying to another query, Mann said it is ironic that the farmer unions are worried about having a debate with him whereas he is concerned about safeguarding the interests of farmers. He said paddy transplantation has already begun in the state and the Punjab government has made elaborate arrangements to facilitate farmers. To another question, Mann said during a recent meeting of the NITI Aayog in Delhi, he had asked the central government to set up colleges and industries in border areas. It is imperative to give a major push to the development of the border districts of the state that had lagged behind due to several reasons, he stated. Mann said he also flagged the issue of problems being faced by farmers of the state having their land between the International border and the fence. He reiterated that the state has no spare water to share with any other state adding that even a single drop of water will not be given to anyone. He said most of the blocks of the state are over exploited and the groundwater situation in the state is very grim. He demanded that water agreements should be reviewed after every 25 years. Mann again demanded reconstitution of the Bhakra Beas Management Board (BBMB). He said 3,000 posts of Punjab's quota have not been deliberately filled by the BBMB so as to 'weaken' the state's claim over the waters.
New Indian Express
3 days ago
- Business
- New Indian Express
Punjab Cabinet approves Rs 68 crore loan waiver for Dalit families
CHANDIGARH: The Punjab Cabinet on Tuesday gave its nod to waive loans amounting Rs 68 crore taken by over 4,000 Dalit families from the Punjab Scheduled Castes Land Development and Finance Corporation, Chief Minister Bhagwant Mann said. At a cabinet meeting chaired by Mann in Chandigarh, it was decided that loans disbursed till March 31, 2020 will be waived. Addressing the media after the meeting, the chief minister said the state government will waive the debt incurred due to loans taken by Dalit families from the corporation for various purposes, including for opening shops, dairy farming, etc. The decision will benefit 4,727 beneficiaries, he said. Mann said Finance Minister Harpal Sigh Cheema in his budget speech this March had promised to waive the debt. With the cabinet approval, the promise will now be fulfilled, he said. Cheema, who was also at the media briefing, said the debt would include the principal amount and any interest on it, including penal interest. It is a big relief for the SC community, he said. The minister said the debt had been pending for the past 20 years and added that neither the Congress nor the Akali Dal-BJP governments of the past cared for SC families when they were in power. Later, an official spokesperson of the chief minister's office stated that the loan waiver covers all loans disbursed by the PSCFC, offering significant relief to SC and Divyangjan (persons with disabilities) loanees. All 4,727 cases (including 4,685 defaulting loanees and 42 regular loanees) will be covered under this loan waiver scheme. No due certificates will be issued by the district managers of the PSCFC. "The full amount of Rs 67.84 crore comprising Rs 30.02 crore in principal, Rs 22.95 crore in interest, and Rs 14.87 crore in penal interest will be reimbursed to the PSCFC by the state government. The cut-off date for calculating the final interest amount will be the date on which the government issues the notification to implement the scheme," said the spokesperson.
