Traders did not return small loans given at the time of floods
Posted on: 14/Sep/2016 2:08:53 PM
During last November and December due to heavy rains, Chennai, Kancheepuram Tiruvallur, Cuddalore and Thoothukudi directs of Tamil Nadu were very badly affected. Due to this people had to vacate their houses and move to temporary shelters. Small traders like street vendors selling flowers, fruits and vegetables, food items, besides those running petty shops were badly affected. Tamil Nadu Chief Minister J Jayalalithaa seeing the plight of these people immediately took remedial measures.
Launching the scheme to provide interest-free loans for flood-hit small traders, who are otherwise dependent on money lenders, Chief Minister J Jayalalithaa sanctioned Rs 5,000 to traders through District Central Cooperative Societies and Town Cooperative Societies. The loan amount was to be returned at the rate of Rs 200 for 25 months.
Accordingly 23 District Central Cooperative Societies and 128 Town Cooperative Societies disbursed the loans. The co-operative societies disbursed Rs 111.26 Crores to 2, 22,592 people. Cooperative authorities had also mentioned that if the people returned the loans within the stipulated time, they would be given loans again with less interest. Some of the traders did not return the loans.
Now the co-operative societies are taking count of the defaulters and are trying various methods to recover the loans.
Launching the scheme to provide interest-free loans for flood-hit small traders, who are otherwise dependent on money lenders, Chief Minister J Jayalalithaa sanctioned Rs 5,000 to traders through District Central Cooperative Societies and Town Cooperative Societies. The loan amount was to be returned at the rate of Rs 200 for 25 months.
Accordingly 23 District Central Cooperative Societies and 128 Town Cooperative Societies disbursed the loans. The co-operative societies disbursed Rs 111.26 Crores to 2, 22,592 people. Cooperative authorities had also mentioned that if the people returned the loans within the stipulated time, they would be given loans again with less interest. Some of the traders did not return the loans.
Now the co-operative societies are taking count of the defaulters and are trying various methods to recover the loans.
