Andhra Pradesh Cabinet gives Rs 327.4-cr loan waiver to weavers

Hyderabad, Oct 6 : In a major relief to the weavers in the Andhra Pradesh, the state Cabinet today decided to give a Rs 327.4 crores loan waiver to unable the suffering weavers in the state regain their health and start their work afresh.The state Cabinet in a meeting here headed by the Chief Minister K Rosaiah, named the Andhra Pradesh Co-operative pederation (APCOP), as the nodal agency to work out the new credit limit to the weavers in the state.Loan waiver with the interest had been worked out as suggested by the Cabinet sub-committee to enable them qualify for fresh loans, said state Information Minister J Geeta Reddy in her post Cabinet media briefing here.Meanwhile, the Cabinet also decided to issue an ordinance to postpone elections to the Cooperative Credit Societies for another six months to enable completion of the reform process in the light of the Vaidyanathan report.The Cabinet sub committee which reviewed the financial health of the Cooperative credit structure after implementation of the Vidyanathan package and various debt waiver schemes, had submitted a report suggesting road map for making necessary structural changes in the Cooperative credit system ''to make it efficent, self sustaining and farmer friendly''.''It was considered desirable to hold election to the Cooperative only after detailed review of their finacial health and structural changes and reform if any to be made based on the recommendation of the Cabinet sub Committee'' and the Council of Ministers resolved the recommend postponement of the elections.
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