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Pudukottai, Sept. 8

The Union Finance Minister, Mr P. Chidambaram, has ordered banks to sanction loans to the beneficiaries of the Indira Awaj Yojana (IAY) scheme in the district. Addressing media after reviewing the ongoing schemes at the ‘Vigilance and Monitoring Committee’ here on Saturday, Mr Chidambaram said that the unit cost of assistance under the scheme – Rs 37,000 was found too inadequate and many of the 3,316 beneficiaries were yet to construct the houses in the past two years. He said that he had directed the Lead District Manager to identify the beneficiaries and sanction a maximum loan of Rs 20,000 to each of them. Over ten lakh students have been sanctioned education loans to the tune of Rs 14,200 crore as of March 2007. The procedure for sanctioning education loans has been expanded by various banks. The Union Finance Ministry is keeping a close vigil on the grant of such loans. —

Our Correspondent

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