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The Hindu
The Hindu
National
T. Appala Naidu

Revival of ‘zero interest’ scheme helped SHGs come out of the red, says A.P. Chief Minister Jagan Mohan Reddy

Jagan Mohan Reddy SHGs SHG N Chandrababu Naidu TDP

Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy on August 11 (Friday) alleged that the TDP government headed by N. Chandrababu Naidu had scrapped the ‘Sunna Vaddi’ (zero interest) scheme in 2016, which led to the weakening of the self-help groups (SHGs).

Mr. Jagan Mohan Reddy was speaking after releasing an amount of ₹1,353 crore towards reimbursement of interest paid to the banks by 9.48 lakh SHGs, at programme organised in Amalapuram in Konaseema district.

The SHGs could not clear about 18.36% of the loans they had availed of by mid-2019, and the collapse of the system began with the scrapping of the zero interest scheme by Mr. Naidu in October 2016, the Chief Minister alleged.

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