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2w ago

Punjab Cabinet waives Rs 67.84 crore PSCFC loans for 4,727 Dalit families

It clears all principal, interest and penal charges on loans disbursed before April 2020 to fulfil a budget pledge.

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Chief minister Bhagwant Mann-led AAP government has granted ex-post facto approval for the waiver of loans, disbursed up to March 31, 2020 by the Punjab scheduled castes land development and finance corporation. (HT File)
Punjab Cabinet approves Rs 68 cr loan waiver for Dalit families

Overview

  • On June 3, the Mann-led Cabinet approved a waiver covering debts accrued through March 31, 2020 for 4,727 PSCFC loanees.
  • The state will reimburse Rs 67.84 crore to the Punjab Scheduled Castes Land Development and Finance Corporation, covering Rs 30.02 crore in principal, Rs 22.95 crore interest and Rs 14.87 crore penal interest.
  • The scheme includes 4,685 defaulting borrowers and 42 regular loanees, extends to persons with disabilities and subsumes benefits from earlier waiver initiatives.
  • No recovery actions or due-certificate issuances will follow the waiver and all covered accounts will be deemed fully settled as of the cut-off date.
  • The move fulfils Finance Minister Harpal Singh Cheema’s budget commitment and aims to relieve SC families who defaulted on small-enterprise loans over the past two decades.