Sambalpur District Cooperative Central Bank To Give Interest-Free Loan To Migrants

Sambalpur:  The Sambalpur District Cooperative Central Bank has started a special drive to provide interest-free loans to migrant returnees and landless people for one year.

The bank has planned to lend Rs 400 crore in the current Kharif season, out of which Rs 50 crore has been earmarked for landless people and migrant returnees.

With headquarters at Bargarh, the bank has 46 local area multipurpose cooperative societies (LAMPS) and other cooperative societies under its jurisdiction.

The beneficiaries have to form groups in order to avail the loan. Each group will be sanctioned a loan amount of Rs 50,000 to take up vegetable cultivation or start a business.

The bank has already sanctioned Rs 1.15 crore to 203 joint livelihood groups in this district.

“The loan scheme is part of a state government plan to rehabilitate migrant returnees and landless people. The loanees can repay the loan after improvement in their financial condition for which the moratorium period is one year,” deputy registrar of cooperative societies Lingaraj Nayak said.

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