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Punjab Govt provides debt relief of Rs.20.98 crore to 4702 debtors

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Chandigarh, September 7, 2021 (Yes Punjab News)
The Punjab Government has given a big relief to the backward classes and economically weaker sections by waiving the debt of 4702 debtors to the tune of Rs. 20.98 crore. It is disclosed by Social Justice, Empowerment & Minorities Minister Mr. Sadhu Singh Dharamsot.

Mr. Dharamsot said that Punjab Backward Classes Land Development and Finance Corporation (Backfinco), out of the loan given upto 31 March 2021 was providing loan relief of up to Rs. 50,000 to the economically weaker sections, backward classes and minorities.

Mr. Dharamsot said that 222 youth from Amritsar, 102 from Barnala, 260 from Bathinda, 317 from Faridkot, 206 from Fatehgarh Sahib, 156 from Fazilka, 249 from Ferozepur, 267 from Gurdaspur and Pathankot, 90 from Hoshiarpur, 125 from Jalandhar and 206 from Kapurthala. 347 of Ludhiana, 101 of Moga, 226 of Sri Muktsar Sahib, 325 of Mansa, 122 of S. B. S. Nagar, 538 of Patiala , 212 of Rupnagar , 147 of S.A.S. Nagar, 186 of Sangrur and 298 of Tarn Taran have been provided debt relief.

The Minister for Social Justice said that the Punjab government had set up Backfinco in the year 1976 with a view to uplift the economic status of the backward classes and economically weaker sections of the state.

Low interest rate loans are provided for self-employment of youth belonging to the Sikh, Muslim, Christian, Parsi, Buddhist and Jain communities.

It is worth mentioning that Backfinko is providing loans under self-employment schemes to help the backward classes and the economically weaker sections to become self-reliant.

Sometimes it is not possible to recover these loans due to the absence of any other earner in the household, after the death of the beneficiary no other member in the family who can earn or being a victim of any natural calamity. Due to this, the income of the borrowers has gone down due to the adverse impact on their business.

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