A review meeting on disbursal of micro credit to small traders was held here on Thursday.
Chairing the meeting, Additional Registrar of Cooperative Banks Antonysamy John Peter said that micro credit to the tune of Rs. 5,000 would be given to the small traders, who would have to pay the principal in 25 weeks through weekly instalment of Rs. 200, and the government would pay the 11 per cent interest on the loan amount. If the repayment was prompt and the loan amount was repaid by the 25th week, the borrower would be given fresh loan with 4 per cent interest rate.
“The cooperative banks should organise special camps across the district to identify the right borrowers and give them micro credit. Heads of the banks should select the right borrowers during the 10-day special camps,” Mr. Peter said.
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He said that Tirunelveli District Central Cooperative Bank, Tirunelveli Junction City Cooperative Bank and the Cooperative Banks at Palayamkottai, Tirunelveli Town, Veeravanallur, Kallidaikurichi and Ambasamudram should organise such camps. In a function held at Palayamkottai Cooperative Bank, Rajya Sabha MP S. Muthukaruppan gave away micro credit to the small traders on Thursday.