DMK Govt says 35 lakh jewel loans of the 48 lakh are not eligible for loan waiver

The final list of beneficiaries of Public Jewellery loan waivers in Co-operative Banks, after analysing the details already obtained has revealed that almost 35,37,693 borrowers are ineligible for jewellery loan waivers.

A Shanmughasundaram, IAS and Registrar of Co-operative Banks, has released a final list of beneficiaries of public jewellery loan waivers in Co-operative Banks. The announcement shockingly included that about 35,37,693 borrowers were ineligible for the waiver, out of an analysis of the details of 48,84,726 beneficiaries already received.

Earlier in the month of September, TN CM M K Stalin announced that the Co-operative banks would waive loans for those who have taken within 5 sovereigns of Gold, during a meeting of the legislature. Further, the Government of Tamil Nadu later released an official order to this effect under rule 110.

The order stated, “Jewellery loans upto 5 sovereigns per family will be waived, which under some conditions will truly poor and simple people. It is estimated that the expenditure for the government for waiving jewellery loans of up to 5 sovereigns per eligible family, is estimated at ₹ 6,000 crores, on the basis of preliminary study. The Tamil Nadu government will do the needed to help the Co-operative banks for this purpose.”

However, the government has now said that all those who have taken loan for even 1 gram more than 40 grams, those who have a government hob, those who work at co-operative banks and those who provided incorrect Aadhar details, etc. are not eligible for this loan waiver. This comes after the government has analysed details of 48,84,726 through a computerised system.

MK Stalin during election campaign had stated that he had already assured to waive jewel loans of up to five sovereigns availed by the poor, farmers and particularly women.

The DMK had promised in its election manifesto that it will waiver the gold loans under 5 sovereign (40 grams) taken by people in co-operative banks.

It is worth mentioning that CM Stalin’s son and Chepauk-Tiruvallikeni MLA Udhayanidhi Stalin had instigated people to pledge their jewels and take loans during election campaigns saying that they would be waived off when DMK comes to power. As a result of this, many in rural Tamil Nadu had pledged their jewels and taken loans.

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