Personal Loans for Prisoners

BANKING AND ECONOMY

  • For the first time in India, the Maharashtra government introduced a scheme for providing personal loans to the prisoners in the state.
  • Maharashtra State Co-operative Bank will provide personal loans of up to Rs. 50,000 to prisoners with an interest rate of 7%.
  • The objective of the scheme is to help the families of the prisoners to improve their living conditions and meet expenses related to their legal matters.
  • The loan was named as “khavti” loan which does not require a guarantor, as the loan is disbursed based on the personal bond.
  • The new scheme would be implemented on pilot basis and will be initiated in Yerawada Central Jail, Pune.

 

  Facts to know:

 

  • Governor of Maharashtra: Mr.Bhagat Singh Koshyari.
  • Chief Minister of Maharashtra: Mr.Uddhav Thackeray.
  • Ajanta and Ellora caves are located in Maharashtra - listed in  UNESCO World Heritage Sites.
Maharashtra Launches Personal Loans for Prisoners
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