On the 28th of February, Monday, the Andhra Pradesh Government is scheduled to release the third installment of the State Government’s Jagananna Thodu Scheme. Mr. Y.S. Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh, would release the amount of Rs. 510.46 crores, benefiting 5,10,462 street vendors, in the State.
The State Government’s Jagananna Thodu scheme would provide financial assistance to small vendors and hawkers in Andhra Pradesh. Under the scheme, eligible vendors and hawkers can apply for interest free loans starting from Rs. 10,000. Vegetable vendors, fruit vendors, small shopkeepers, pushcart vendors, and traditional artisans are eligible to apply for the scheme. Besides the loan, the State Government would also bear the interest money of the loan, which would be credited to the bank accounts of the beneficiaries, who have paid the loan money on time. The decision to launch the scheme was taken to empower small vendors and assist them financially to grow their business. Another major objective of the scheme is to free vendors from heavy interest on the loans taken from private parties. In addition, to ensure corruption free transactions the State Government also started a special web portal to coordinate with banks and implement the scheme.
Initially, the scheme was supposed to launch earlier, however was postponed due to the sudden demise of Mr. Mekapati Goutham Reddy, the information Technology Minister of Andhra Pradesh, on the 21st of February.
Under the Jagananna Thodu interest free loan scheme, beneficiaries would receive the loan amount and have to repay without any interest in next 12 months, whereas the State Government would pay the loan interest directly in the bank accounts of the beneficiaries.
In addition, Mr. Jagan Mohan Reddy would release the amount at 11:00 A.M., today, from the Yuvajana Sramika Rythu Congress Party (YSRCP) camp office in Tadepalli, A.P.
Meanwhile, under the scheme, launched on the 25th of November 2020, the YSRCP Government released first and second tranche of the loan amount to 9,05,629 people, of which 5,35,112 people in the first tranche and 3,70,517 people in the second tranche.
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