Low Interest District Co-operative Banks Loans for Small Businesses Affected by Flooding in Maharashtra
Loans at 5% -6% will be added to the financial aid already announced from the state government.
The Maharashtra government said on Wednesday that loans would be given at low interest rates of 5% to 6% from district cooperative central banks (DCCBs) to small business owners and traders in the Konkan region and the western Maharashtra, which suffered losses during recent relentless rains and subsequent flooding.
State Finance Minister Ajit Pawar met with senior DCCB officials from Satara, Sangli, Kolhapur, Raigad, Ratnagiri and Sindhudurg. The meeting discussed the recent floods that affected businesses and stores in these neighborhoods and the business losses they suffered.
âIt was decided to sanction the loans of these non-profit banks, while respecting the social commitment. The loans will be at a rate slightly higher than the cost of the fund. As a result, the available loan will be at an interest rate of 5% to 6%, âsaid the head of the Ministry of Finance. This regime will benefit individuals whose business establishments have been damaged and panchnamas performed.
The state government has already announced the decision to provide 50,000 yen to each owner of affected business establishments. The low-interest loan will be added to the financial assistance already announced.
Previously, the state’s Housing Minister Jitendra Awhad met with officials from his department and the Maharashtra Housing and Area Development Authority (MHADA) to discuss the reconstruction of Taliye village in Raigad district, which has been buried in a landslide during the uninterrupted rains. Mr. Awhad has already announced that MHADA will rebuild the village at no cost to the villagers.
âA total of 261 houses will be rebuilt on time. The relief and rehabilitation department will make the land and funds available to MHADA and the agency will present the plan as soon as possible, âhe said.