PONDICHERRY: Pondicherry Chief Minister N. Rangasamy distributed educational loans totalling Rs 3.74 crores under an Indian Bank scheme to 130 students at a function here on Monday. He lauded the Bank's enthusiasm in extending educational loans and also loans for farmers.

Mr. Rangasamy said that the loans should be utilised properly. There should also be prompt repayment to the banks so that they would be able to extend further assistance and also cover more borrowers without difficulty.

The Chief Minister who also handed over loans totalling Rs. 2.60 crores to about 390 farmers under a Bank scheme said that the Pondicherry Administration was second to none in meeting the financial needs of the weaker sections and women. Under a new scheme, the Administration waived fifty per cent of the total stamp duty when properties were registered in the name of women. Women self help groups were also given a subsidy of up to 75 per cent in the total cost of milch animals. The Chief Minister said that the Bank had recently opened a stall at the Pondicherry Engineering College and sanctioned loans on the spot totalling about Rs 4.5 crores to 258 students. The Administration was providing a sixty per cent subsidy in the fees to be paid in professional colleges.

Self-employment

The Chief Minister called upon the beneficiaries of the loan schemes to go in for self-employment ventures after graduation. He also appealed to the Bank to provide assistance ranging between Rs. 20,000 and Rs. 30,000 to the beneficiaries of the Perunthalaivar Kamarajar Housing Subsidy scheme of the Administration to replace huts with concrete house structures. The beneficiaries were getting a subsidy of Rs. 50,000. The Bank could provide assistance to those who were still short of funds for building the houses, he suggested. Deputy General Manager of Indian Bank (Circle Office in Pondicherry) Selvam Veeraraghavan spoke.

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