Chief Minister Y.S. Jagan Mohan Reddy will launch 'YSR Asara' scheme for Self-Help Groups (SHGs) on September 11. Under the scheme, outstanding loans of SHGs will be reimbursed. A sum of ₹6345.87 crore will be released to the benefit of 7,91,257 SHGs on that day.
According to an official statement, lakhs of women from poor families are forced to take loans at exorbitant rates of interest to meet their requirements and they were stuck in a vicious cycle of debts due to their inability to clear the debts.
It is further stated that women getting out of the debt trap would not have to take loans again. They can use this money given by the government for any purpose in future if they have repaid their loans already.
The CM had promised that the government would reimburse the outstanding loans of all SHGs in four installments. Consequentially, when the sum of the outstanding loans as on the cut off date was calculated, the result was over ₹25,383.49 crore.
