Tamil Nadu government to expand cooperative lending under Singapengal Entrepreneurship Credit Scheme
T.N. Chief Minister C. Joseph Vijay has instructed officials to increase loans given under the scheme by 25%. Orders have also been issued to ensure at least 30% of loans across categories are extended to new members
The Tamil Nadu government is set to expand the Cooperative Lending program under the Singapengal Entrepreneurship Credit Scheme, aiming to provide more support to youth and marginalized communities. The decision comes after a review meeting chaired by Chief Minister C. Joseph Vijay on July 2nd, where officials were instructed to increase loan disbursements by 25% and target new beneficiaries.
The Tamil Nadu State Apex Cooperative Bank, District Central Cooperative Banks, and Regional Joint Registrars have been directed to increase lending to priority groups, including women, youth, and marginalized communities, with at least 30% of loans to be allocated to new members. Cooperative banks and societies are also being asked to review and address pending and rejected loan applications. The allocation for the new scheme is expected to be announced in the upcoming Budget.
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