PMK founder Dr. S. Ramadoss on Sunday said the Central government and Reserve Bank of India should ensure that poor and middle classes can avail of easy, small personal loans and jewel loans.
In a statement, he said the people had lost their livelihood due to the lockdown and since the governments were unable to provide financial relief, they should at least provide loans at a reduced interest rates.
“At the same time, the public sector banks have deposited ₹10 lakh crore in Reserve Bank of India since there are no takers for loans. The rules for providing loans should be relaxed so that poor and middle class people can benefit,” said Dr. Ramadoss.
He said that a private lending institutions would charge up to ₹36,000 as interest for a year on ₹1,00,000 loan on jewels. “But, in public sector banks, only ₹8,000 is charged. One can save ₹28,000 per year. Similarly, ₹1,00,000 personal loan is given at an interest of ₹48,000 per year in a private bank. Whereas in public sector banks, only ₹13,000 is charged and one can save up to ₹35,000 and this will be helpful to the people,” he said.
The banks should open accounts for those who did not have accounts in public sector banks and disburse loan on jewels within a few hours.
“A loan of ₹10,000 payable in one year should be given to those who have an account in the bank at a low interest rate. This will benefit poor and middle class and spur economic growth,” said Dr. Ramadoss.
