Chidambaram counters Oppn charge on bank loans to SHGs

Sivaganga (TN), Apr 25(PTI) Highlighting his initiatives
to provide financial assistance for women self-help groups
(SHGS) through banks, Union Home Minister P Chidambaram
Saturday said UPA (United Progressive Alliance) government
provided loans to liberate women from the grip of money
lenders and not to make them debtors as alleged by opposition
AIADMK (All India Anna Dravida Munnetra Kazhagam).

"If you think I have made you debtors, you tell me now. I
will go away from this town," Chidambaram, who held the
Finance portfolio earlier, told an election rally in his
Sivaganga Lok Sabha constituency here in the southern Indian
state of Tamil Nadu from where he won six times.

The women who were borrowing at "aindu vatti (50 percent
interest) are now getting loan for Oru vatti (ten percent) Is
that wrong? I am encouraging banks to give loan to you. They
(AIADMK) are encouraging private money lenders? Who is better?
You decide", he said.

The loan had helped SHG members economically develop
themselves. The government had given loans to the tune of Rs.
20,000 crore to 30 lakh Self Help Groups, he said.

While the Central Government reduced the interest for the
farm loans to seven per cent, the state government reduced it
to five per cent. Now from this year, Tamil Nadu government
would be giving interest free farm loans. The Government
wanted the next generation to come up by extending them
education loans, loans for small business, trade and
industries.

He said that as Finance Minister he ensured that every
Government scheme was introduced in Sivaganga.

Listing the developmental works undertaken by him in the
Sivaganga Lok Sabha constituency, Chidambaram said this was
the only district to have two central schools, two Industrial
training Institutes and underground drainage scheme for three
municipalities. PTI SSN