Staff Reporter

PALAKKAD: President of the District Co-operative Bank K.V. Ramakrishnan on Wednesday inaugurated a workshop on the new ‘Sahasree’ loan scheme launched by the bank to save people from the clutches of the ‘blade mafia’ who charge exorbitant interest for loans.

He said that the bank would implement the new loan scheme through the Kudumbasree units. It will advance the loan to the Kudumbasree units who will distribute it to their members and collect the interest and the principal through weekly instalments.

In the first phase the loan scheme will be introduced in 13 panchayats in the district and will be extended to other panchayats depending on its success, he said.