Jagananna Sahakara Vidya Jyothi scheme, introduced by Guntur District Cooperative Central (GDCC) Bank Ltd., will help students from agricultural families study abroad, said Minister for Agriculture Kakani Govardhan Reddy.
He was launching the scheme here on Monday in the presence of bank chairman Rathamsetty Ramanjaneyulu (Lalpuram Ramu) and others. On the occasion, the Minister said the scheme will become a role model for other banks.
Mr. Govardhan Reddy said at a time when farmers are struggling to obtain even crop loans, GDCC Bank introduced this novel scheme to provide them with financial assistance for the higher education of their children. The Minister said GDCC Bank drew inspiration for the scheme from the welfare scheme Videsi Vidya Deevena.
Mr. Ramu said the bank will offer loans to students with agricultural land as collateral. He maintained that no other traditional or private bank accepts agricultural land as collateral to provide money for education abroad or for higher education in the country. He hoped that this initiative will help farmers encourage their children to pursue higher studies.
