New Indian Express reports Tamil Nadu Chief Minister J Jayalalithaa launched a one-time settlement scheme for non-farm loans amounting to Rs 299.80 crore availed by 5,741 beneficiaries through the 180 primary agricultural cooperative banks and Rural Development Banks.
The loanees had not repaid their loans on time. The scheme was launched in a function held in the state capital Chennai.
Under the scheme, the compound interest, penal interest on the principal amount of loan and other expenses relating to the collection of these arrears to the tune of Rs 166.92 crore would be waived if they pay the principal amount and the interest.
Meanwhile, the Chief Minister also launched the comprehensive medical insurance scheme for the state govt. employees and for the employees of the cooperative societies. Tens of thousands of employees of cooperative societies and their family members will benefit from the scheme.
Minister for Cooperation K Raju, and senior cooperative officials were present on the occasion.