Government to write off loans

KOTTAYAM: The State government, as part of its fourth anniversary celebrations, would write off outstanding loans worth Rs.295 lakh availed from the Kerala State Development Corporation for Christian Converts from the Scheduled Castes and Recommended Communities Ltd.

The inauguration of the loan waiver will be held here on Saturday.

According to authorities, the entire amount for those who have availed of loans to the tune of Rs.25,000 and whose repayment date was closed on March 31, 2006, will be written off.

For those who have availed of loans more than Rs.25,000, the government will write off the loan amount, interest and penal interest to the tune of Rs.25,000 and the balance will be settled by the bank. This will provide the beneficiary a chance to close the account on a one-time settlement basis, the authorities said.

According to the Corporation authorities, nearly 1,000 families at the bottom of the social ladder will benefit from the loan waiver scheme.