Punjab's Landmark Loan Waiver: A Boost for Underprivileged Sectors

Punjab Chief Minister Bhagwant Mann has declared a groundbreaking initiative focused on assisting the state's weaker sections. In a recent event, Mann distributed loan waiver certificates to beneficiaries and emphasized the significance of this move compared to past governments who focused on waiving loans for the affluent.

The newly launched loan waiver scheme, valued at Rs 67.84 crore, aims to relieve financial burdens from approximately 4,800 families. Most of these beneficiaries are Dalit families who had previously borrowed from the Punjab Scheduled Castes Land Development and Finance Corporation (PSCFC).

Endorsed by the Punjab Cabinet, this initiative covers loans distributed until March 31, 2020, and benefits both defaulting and regular loanees. Mann assured that no recovery actions will be taken, and the state government will reimburse the full loan amounts to PSCFC, effectively settling these accounts.

(With inputs from agencies.)