The Hindu : Andhra Pradesh / Hyderabad News : Rs. 3,500 cr. DWCRA loans by month-end

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Friday, Mar 09, 2007
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Rs. 3,500 cr. DWCRA loans by month-end

Special Correspondent

HYDERABAD: The total sum provided to DWCRA groups in the State for 2006-07 fiscal through "bank linkage" loans with three per cent interest is set to reach Rs. 3,500 crores by the month-end.

An ambitious target of Rs. 5,000 crores has been fixed for 2008-09 with an allotment of Rs. 177 crores towards reimbursement of interest charged by banks beyond three per cent, in line with the `pavala-vaddi' policy.

Replying to a debate on `pavala-vaddi' scheme in the Assembly on Thursday, Chief Minister Y. S. Rajasekghara Reddy said in addition to Rs. 36 crores released towards interest reimbursement, Rs. 36 crores had been allotted.

He denied stoppage of the DWCRA Revolving Fund . He said the 6.5 lakh DWCRA groups, with over 80 lakh members, had ushered in a social movement in the State. Three lakh more groups would be formed. Social activities undertaken by them had impressed the World Bank President so much that he sent representatives from 70 countries to the State to replicate them. Rural Development Minister D. Srinivas said the scheme had brought about closure of the micro finance agencies.

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