Special Correspondent

Officials of departments concerned asked to issue orders soon

Each federation to be allotted Rs. 1 crore

New loaning pattern adopted for the federations

HYDERABAD: With a view to providing financial assistance to more number of people belonging to Backward Classes, the government has decided to set up nine more cooperative finance corporations/federations to serve Sagara/Uppara, Valmiki/Boya, Bhatraju, Krishna Balija, Medara, Vishwabrahmina, Shalivahana/trailers and Dudekula communities.

The federations meant for Sagara/Uppara, Valmiki/Boya, Bhatraju, Krishna Balija and Medara communities will be formed by the Backward Classes Welfare Department, that of Vishwabrahmana, Shalivahana/tailors by the Industries/Commerce Department and the one for Dudekula by the Minorities Welfare Department.

Chief Minister Y. S. Rajasekhara Reddy asked the officials of the departments concerned to issue the necessary orders and form the new federations within a week.

Three such federations already exist for washermen, Nayee Brahmins, and Vadderas. Backward Classes Welfare Minister M. Mukesh said Rs. one crore would be allocated to each of these corporations so that they could advance loans to the members of the respective communities to go ahead with their self-employment ventures in tune with their present professions.

Loans for SHGs

A senior official said a new loaning pattern had been adopted for the new federations with the approval of the State Level Bankers’ Committee to give a minimum sum of Rs 1.5 lakh each to the self-help societies which would have 15 members each.

As a result, each member would get Rs. 10,000 which would be four times higher than what was sanctioned as medium-term loan under the old scheme.

He said district-wise action plans had been prepared to spend the allocated amount of Rs. 1 crore each under the existing federations and bank-wise targets fixed.