VC hands over PALs to loaners at Samba
The members of the weaker sections availing loans from the Corporation should utilize the money to set up their units to earn livelihood. This was stated by Balbir Ram Rattan, Vice-Chairperson, SC, ST, BC Development Corporation Ltd., while handing over the Payment Authority Letters (PALs) to the loaners at District Office Samba, alongwith Divisional Manager Gulam Qadir Khatana, District Manager Saira Bano Sheikh, Senior Assistant Vijay Kumar, Field Supervisor Gulab Din and BJP District President Jangbir Singh.
Balbir Ram Rattan, while speaking on the occasion, said that the Corporation helps the poor and needy people belonging to SC,ST,BC, Minorities and handicapped categories by providing loans to set up own unit by the unemployed people to earn bread. The loans has 85% funding from the Central government, 10% from State Corporation and 5% contribution from the beneficiaries. The past practice of handing over cheques to the beneficiaries has been shelved and now Payment Authority Letters (PALs) are handed over to the people whose loan cases are processed and sanctioned and the money is directly transferred into the individual account, which is a transparent process.
Balbir Ram Rattan said that instead of sitting idle at home after completing education and waiting for government jobs, unemployed youth should focus on alternate mean like that of loans provided by the government to be self employee.
Divisional Manager Gulam Qadir Khatana, on this occasion, asked the loan beneficiaries to be regular in repaying the monthly instalments. He also told them that if the loan money is paid back in time, the Corporation may consider to grant more in future to such individuals.
Samba District Manager Saira Bano Sheikh briefed the VC about the recovery status and the under process fresh cases related to grant of loan to the applicants in the district.