CM Stalin Fulfills Promise: Rs 6,000 Crore Gold Loans Waived in Tamil Nadu

Tamil Nadu Chief Minister MK Stalin's decision to waive Rs 6,000 crore in cooperative bank loans on gold for amounts up to five sovereigns or less, has benefitted 13.12 lakh individuals the government announced on Thursday.

Upon becoming Chief Minister, Stalin declared that gold loans from cooperative banks up to March 31, 2021, would be waived, and a government order was subsequently issued to that effect.

The action completed a pledge that was made in the DMK election manifesto, according to the announcement.

"About, Rs 4,818.88 crore has been waived to benefit 13,12,717 people who had availed the jewel loans," it said.

Loans granted to women's self-help groups through cooperative banks, totaling Rs 2,755.99 crore up to March 31, 2021, were waived, benefiting 1,17,617 SHGs.

About Rs 35.85 lakh crore interest-free crop loans were extended through co-operative societies to 46,72,849 farmers in three years from May 2021 to December 2023.

Among the numerous achievements, the statement recalled the state government's efforts to provide a relief of Rs 6,000 per family to 23.18 lakh families affected by cyclone Michaung in Chennai and its suburbs. A similar relief sum was given to the families affected by floods when torrential rains lashed Tirunelveli and Thoothukudi districts in the state.

"Thus, the Chief Minister's Dravidian model of governance is ensuring the well-being of the people by implementing various schemes through the cooperative department," the release added.

(With text inputs from PTI)