Union Finance Minister Nirmala Sitharaman distributed credit assistance totaling ₹3,500 crore to beneficiaries in Coimbatore. The event was part of the Credit Outreach Program, aimed at providing financial support to various sectors of the economy, particularly those in aspirational districts.
In her address, the Union Finance Minister highlighted the Modi government’s commitment to prioritizing aspirational districts for assistance, particularly for rural farmers and entrepreneurs. She mentioned that 23,800 received retail loans, 2,904 new beneficiaries were granted Mudra loans, and 18 rural youth, including those from Scheduled Communities, Scheduled Tribes, and women, received Stand Up India loans. Additionally, 2,500 self-help groups in Coimbatore were assisted, benefiting one lakh account holders through various government schemes.
Sitharaman also emphasized that revenue generated through cess supports multi-purpose cooperative societies nationwide, benefiting the common man. Tax revenue sharing with state governments and using cess earnings for economic development underlines the government’s commitment to equitable growth. She also inaugurated a new branch of the Small Industries Development Bank of India (SIDBI) and participated in the Swachata Hi Seva campaign in Coimbatore.
Interruption At The Event
However, amid the program’s proceedings, an interruption occurred when an individual claimed that he had not received a loan, garnering media attention. In a remarkable display of transparency and democratic values, Nirmala Sitharaman invited the aggrieved individual onto the stage to address his concerns.
Sitharaman stated, “We are disbursing loans to people to empower them in bringing up their business. But someone claiming that he was not given a loan at a bank is what has grabbed all your attention. I have a request to all the media persons here, please cover the main programme as well as that issue but I wish to call that “Aggrieved person” on stage. This is a democracy and hence when we are disbursing loans here and someone claims he has not been able to get one, this has to be reported and the media also pretends to promote democratic values and surely they will interview the aggrieved person later. Rather than that, I wish to have him on stage and hear out his agony, why he did not receive the loan, why was it not approved and I will try to help him with it. Please come, sir. In Modi’s rule, we follow “Sabka Saath, Sabka Vikaas”, we will stand with everyone and will also work towards everyone’s success/progress. Tell me what the problem is, which bank it was and I will do my best to help you”.
The “aggrieved” person, identified as Satish, shared his “grievance”. He said, “I am Sathish, I am from Coimbatore. I have been doing business since 2004. During the lockdown, I used up all my funds so I could not get money. I approached a bank here. I have promised the bank to give collateral for the loan but the bank always has an excuse to not approve my loan application. Here at this event, they said that those who came in August were given the loans in September. If that is true, tell me when will you grant me my loan. If not, tell me the reason for rejection. And if you are going to give me the loan, let me know when you will do it. I am here for that reason. My office is in Crosscut Road and I live in Sai Baba Colony, the bank I requested the loan at is Bank of Baroda Sai Baba Colony branch”. Sitharaman assured him that she would assist if he submitted the necessary paperwork.
Loans worth Rs 3,748 crore were disbursed during the Credit Outreach to more than one lakh beneficiaries, Around 5,000 attended the meet. But one person tried to make a ruckus and media was jumping in trying to push their story and this is what Nirmala Sitharaman madam did….. pic.twitter.com/xnRQnYmc7d
— Vishwatma 🇮🇳 (@HLKodo) October 3, 2023
Was This A Real Grievance?
Satish operates a business named “Talk Tell Lifestyle” alongside his wife, Subasiri, and daughter, Smriti, who are partners in the venture. However, Subasiri has an outstanding credit card debt of ₹1,15,808, while Smrithi’s bank account shows overdue payments, and her credit score does not meet the required standards. Despite this, Satish submitted a loan application. It’s noteworthy that in October 2022, Sathish had been informed by the Bank of Baroda that he couldn’t secure a fresh loan of ₹40 lakhs due to an existing unpaid loan under his wife’s name. Despite this, Sathish persisted in his claims at the event.
Last October '22 when Bank Of Baroda informed defaulter’s spouse Sathish that he couldn't secure a fresh loan of ₹40 lakhs.
The reason? He had concealed an existing loan under his wife's name, which had gone unpaid.
Suddenly today Sathish decides to make a scene at Hon.… pic.twitter.com/0gaDMGRGQU
— Dr.SG Suryah (@SuryahSG) October 3, 2023
Alleged Factchecker Calls Minister’s Response Arrogant
As Minister Nirmala Sitharaman called the aggrieved individual onto the stage and emphasized the Modi government’s belief in the success and prosperity of all Indians, an alleged fact-checker labeled her remarks as “arrogant.” It is a fact that she requested media coverage for both the event and the individual’s issue, underscoring her commitment to transparency.
What arrogance by the Finance Minister.. pic.twitter.com/8z3jDECo50
— Mohammed Zubair (@zoo_bear) October 3, 2023
The self-proclaimed fact-checker seemed to have forgotten his “profession” and failed to fact-check the issue in the first place. Rather than investigating the accuracy of the Satish’s allegations, Zubair focused only on critiquing the Finance Minister’s remarks during the event.
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