Chief Minister Y.S. Jagan Mohan Reddy said bankers had reduced the rate of interest from 13% to 7% on loans of Rs 3 lakh and from 13% to 9.5 on loans of Rs 5 lakh given to women’s self-help groups, and that efforts are being made to persuade bankers to lower the interest rates even further to ease the burden on SHGs. He stated that banks have reduced interest rates because the loan recovery rate was 99.5 percent, and the number of NPAs had been substantially reduced to 0.45 percent, down from 18 percent during the Telugu Desam administration.
On Saturday, he launched the third phase of the YSR Aasara project, which will award Rs 6,419 crore to 7,89,395 SHGs in the state with 78,94,169 women members, in Denduluru village of Eluru district. He stated that the funds would be transferred straight into the beneficiaries’ accounts in 10 days, from March 25 to April 5, in a joyous mood. He stated that as part of a pledge made during his padayatra, Rs 12,758 crore had already been credited into the accounts of SHGs in the previous two phases, with the amount increasing to Rs 19,177 crore in the third phase. He stated that between 2014 and 2019, SHGs were granted Rs 14,000 on average, but the loan amount has now raised to Rs 30,000. The Chief Minister stated that the YSRC government sought to empower women and improve their living conditions through SHGs. He stated that SHGs have now become a role model in the country, and that many states are visiting Andhra Pradesh to see the SHG revolution.
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