Tamil Nadu Waives Jewellery Loans Up To 6 Sovereigns Obtained Via Cooperative Banks

Chief Minister Edappadi K Palaniswami, on Friday, announced that jewellery loans up to six sovereigns obtained through cooperative banks will be waived off.

"Though COVID-19 cases have decreased economic situation had not eased. Public and farmers who have obtained a loan by pledging jewels are not able to pay the loan back and considering their difficulties state jewel loan obtained in cooperative banks up to 6 sovereigns will be waived," said the Chief Minister, in this announcement made under rule 110 of Tamil Nadu Assembly Rules.

Recently, he had announced a crop loan waiver of Rs 12,110 crore and following the announcement, there were demands to waive the jewellery loan from various quarters.

Palaniswami also announced a waiver of loans obtained by women self-help groups.

"COVID-19 pandemic situation had caused great stress in the livelihood women self-help groups forcing them to a situation where they could not pay the loans obtained in cooperative banks. Considering their difficulties loan obtained by members of women self-help groups in cooperative banks will be waived," said the Chief Minister.