The announcement was made by the TN Chief Minister to waive Cooperative Society loans that were obtained pledging gold jewelry up to 5 sovereigns and implemented.
Coimbatore: The Cooperative Sector Jewelry loan waiver announced by the Tamil Nadu Chief Minister, M K Stalin came as a welcome relief to 46,114 people from Coimbatore.
The CM had announced that loans that were taken by pledging up to 5 sovereigns of jewelry in Cooperative banks under Rule 110 of the Tamil Nadu Assembly would be waived off, amounting to Rs.6,000 crores worth of jewelry loans being waived off.
I Periyasamy, the Co-operative Sector Minister informed that jewelry loans worth Rs.4,805 crores for about 12 lakh beneficiaries have been waived off in the past week. Out of this, 46,114 beneficiaries were from Coimbatore. Customers who had availed loans of less than 5 sovereigns from Coimbatore District Central Co-operative Bank and its branches, Urban Cooperative Banks and its branches, Primary Agriculture and Rural Development Banks, Primary Agricultural Cooperative Credit Societies, Agricultural Producers Cooperative Marketing Societies and Pollachi Consumer Cooperative Wholesale Stores were granted the loan waiver which amounted to Rs.192.67 crores in Coimbatore district alone.
These beneficiaries were issued discount certificates at the branches of the Cooperative banks from which the gold loans were obtained. An official also informed that eligible beneficiaries who had availed of such loans could approach their respective Cooperative banks and obtain a loan waiver certificate, subject to the total weight of 5 sovereigns.