New Delhi: To help slum dwellers start their
business and gain educational benefits, Home Minister P
Chidambaram distributed loan cheques to the needy in the
The loan distribution scheme, organised by Asha NGO and
supported by eight public sector banks, was launched by
Chidambaram in 2008 and an amount of Rs one crore and eighty
lakhs have been disbursed till now to the needy for starting
their business, home renovation, higher education and purchase
of two wheelers.
"I hope more of you go to the banks, more of you take
loans and more of you go on to lift yourselves up from
poverty," Chidambaram said while addressing the beneficiaries
at an event yesterday.
Under this scheme, the rate of interest for loans is low,
no collaterals are required and there are no penalties for
early repayments to the account holders.
Chidambaram said while the project has been going on in
one particular slum, there are many other slums in the
national capital and many more throughout the country where
the scheme should be launched.
Others who attended the event included Australian High
Commissioner to India H E Peter Varghese besides Punjab
National Bank chairman K R Kamath.
Chidambaram also praised the efforts taken to provide
loans to slum dwellers.