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Our Bureau

Hyderabad, Sept. 2 Women in Andhra Pradesh are saving Rs 33,000 every year for every Rs 1 lakh they take as loan, thanks to the pavala vaddi scheme introduced in the State three years ago.

Earlier the women used to approach moneylenders who charged Rs 3 every month as against the Rs 3 charged for the whole year in the government’s specially devised interest rate scheme.

At a review meeting with officials, Chief Minister Dr Y.S. Rajasekhara Reddy said that while the women paid Rs 36,000 (on Rs 1 lakh) every year to the moneylenders, they were just paying Rs 3,000 under the scheme and thereby saving Rs 33,000.

The Government granted Rs 1,018 crore during 2004-05 to women self-help groups under the pavala vaddi scheme.

The figure rose to Rs 2,002 crore and Rs 3,418 crore in the subsequent years, covering 86.5 lakh women.

“For the current financial year, we have targeted to give loans to the tune of Rs 7,000 crore,” he said.

More Stories on : Rural Development | Gender | Andhra Pradesh

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