Loans to minority scheme beneficiaries to be given after funds received from Centre: Minister

Loans to minority scheme beneficiaries to be given after funds received from Centre: Minister

Mumbai, Maharashtra Agriculture Minister Dattatray Bharane on Thursday said the government will start disbursing loans to approved beneficiaries under schemes of a state financial development corporation for minorities as soon as funds are received from the Centre.

Loans to minority scheme beneficiaries to be given after funds received from Centre: Minister

Replying to questions in the assembly, he said under the term loan scheme implemented through the corporation, approval had been granted to 3,707 loan proposals, out of which 2,316 applicants have already completed the required statutory documentation.

However, the corporation has faced difficulties in disbursing the loans due to a delay in receiving funds from the National Minorities Development and Finance Corporation through the Union government, said Bharane, replying on behalf of Deputy Chief Minister Sunetra Pawar.

"If we consider all the 2,316 approved loan cases, a total of about ₹73.79 crore is required. Once the funds are received, the loans will be disbursed to beneficiaries on a priority basis," he informed the House.

Bharane also said that earlier the state government had provided a guarantee of ₹30 crore for loans taken from NMDFC, which has now been increased to about ₹500 crore, enabling higher borrowing capacity for the corporation in the future.

Efforts are underway to improve loan recovery, including setting up recovery teams, appointing lawyers at the district level and issuing notices under Section 138 of the Negotiable Instruments Act, he noted.

The minister said recovery has been a challenge, particularly under the direct loan scheme, wherein 43,412 beneficiaries were given loans of up to ₹50,000 without collateral, resulting in relatively low recovery rates.

"As recovery improves and funds are received from NMDFC, the government will ensure that beneficiaries whose proposals have already been approved are not deprived of loans," he stressed.

Responding to concerns raised by legislators about delays in educational loans, Bharane said the Centre has recently approved ₹15 crore, while additional funds are being pursued.

The government will give top priority to educational loan cases, including students studying in India and abroad, he said, and assured that approved cases will be cleared as soon as funds are available.

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