Andhra Pradesh Chief Minister Jagan reviewed the program ‘Jagananna Thodu’ (Elder brother Jagan’s assistance/backing) on October 20.
What is ‘Jagananna Thodu’ ?
Mr. Jagan recollected that during his 3,648 kms’ Pada Yatra,’ he had personally witnessed the suffering of the street vendors and other small merchants who were paying exorbitant interest rates on small loans.
So he had promised and implemented the ‘Jagananna Thodu’ program, which provides loan amounts up to Rs 10,000 per head to such small vendors at reasonable interest rates, he said.
The CM added that the interests for these loans are also reimbursed if the payments are made on time.
So far, a total of 9,05,000 beneficiaries in AP were awarded loans of 10,000 per head, at the cost of Rs. 905 Cr to the government, he said.
The ‘Jagananna Thodu’ scheme benefits the borrowers twice a year. Once in June, and once in December.
So why is there a meeting today, ahead of schedule?
There is a reason why today’s meeting was taking place ahead of time, Mr. Jagan said.
Last year, 5,35,000 people were awarded the loans in the first phase. Of these beneficiaries, 4,50,546 paid their interests on time by September 20, 2021. Those people had a cumulative total of Rs. 16.36 crores interest deposited in their bank accounts today.
But the rest of the borrowers who defaulted on their interest payment were not awarded any reimbursement.
As per the data given by the bankers – 5 percent of the loans from the first phase turned out to be Non-Performing Assets (NPA’s are loans/interests left unpaid for 90 days), and payments from another 11 percent are overdue (If an EMI is not paid, it is overdue).
The CM said that such borrowers must understand the significance of this scheme, make payments on time from here onwards, and avail government benefits.
He said that there should be a 100 percent recovery in the loans, so the banks will cooperate more confidently in implementing such schemes.
In the second phase of ‘Jagananna Thodu’ from June 8 this year, 3,78,000 people were awarded loans, and they too will see their interests paid by the government, said Mr. Jagan.
Those who paid off their loans will get new loans again, he added.
Any doubts regarding the scheme can be clarified by calling 0891-2890525, the Chief Minister said.
Controlled the Corruption
The village secretariats and the village volunteers are preventing corruption, while the Direct Transfer of the cash benefits (DBT) is being done without any discrimination, the Chief Minister said.
Because of the people’s blessings, Panchayat, Municipal polls, and even the Tirupati by-poll were all won by the ruling YSCRP, Jagan said.