Small traders to get funds as CM will deposit Jagananna Thodu' amount today

Vijayawada: Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy on Wednesday will deposit interest money into the bank accounts of beneficiaries of the 'Jagananna Thodu' programme aiding 4.5 lakh small traders. An event will be held at the CM’s camp office in a virtual mode, where at the push of a button, Rs 16.36 crore will be deposited into the beneficiaries' accounts. The event was originally scheduled to take place on Tuesday but it was postponed to Wednesday due to the Milad-un-Nabi festival holiday.

Officials said Jagnanna Thodu would benefit 4.5 lakh small traders who had taken loans under the scheme in the first tranche and paid interest by September 30. The government has so far provided Rs 950 crore loans to around 9.05 lakh people to date.

Under the scheme, an interest-free loan of Rs 10,000 will be provided to small and petty vendors. The scheme was launched by Jagan on November 25, 2020, and this is the second consecutive year the scheme is being extended to benefit the small and petty vendors. The main objective of the scheme is to free vendors from paying heavy interest to the loans taken from private money lenders.

Officials said banks would be providing loans to all the eligible members and the government shall pay the interest of the loan amount to banks, by reimbursing it to beneficiaries’ accounts. Vegetable vendors, fruit vendors, small shopkeepers, pushcart vendors and traditional artisans are eligible to apply for this scheme.