Bankers urged to prioritise loans for youth

District Collector K Vetri Selvi has urged bankers to prioritise the extension of loans to youths under the BC and SC Corporation Action Plan as part of the self-employment scheme.
The meeting, chaired by the Collector, was held here on Tuesday. Addressing the gathering, Collector Vetri Selvi instructed the bankers to meet the set targets for loan disbursement. “The State Government has sanctioned Rs 36.49 crore for the establishment of 1,901 self-employment units this financial year under the OBMMS Self-Employment Scheme for the youth from Backward Classes in the district, as part of the BC Corporation 2024-25 Action Plan,” the Collector stated.
Similarly, Rs 4.30 crore has been sanctioned for 215 youths under the OBMMS Self-Employment Scheme for Economically Weaker Sections in the district, she added.
The Collector also informed that 38 generic medical shops worth Rs 3.04 crore have been approved for unemployed youth from BC communities, with bankers covering 50 per cent of the unit cost as a loan and the State Government providing the remaining 50 per cent as a subsidy.
“Under the SC Corporation 2024-25 Action Plan, 750 self-employment units have been sanctioned for the district this financial year for Rs 25.91 crore for Scheduled Caste youth,” the Collector explained. She also clarified that beneficiaries will be required to contribute 10 per cent of the cost, with 50 per cent of the loan provided by banks and the remaining 40 per cent covered as a subsidy by the government.
Collector Vetri Selvi added that candidates would need to apply online, with the applications being reviewed by the MPDOs at the mandal level. Eligible applications will be forwarded to the relevant departments. She urged bankers to ensure that loans are sanctioned online under the targets set, enabling unemployed youth to establish self-employment units.
Among those present at the meeting were DRDA PD R Vijaya Raju, ZP CEO K Subba Rao, BC Corporation ED Pushpamani, Social Welfare JD Jayaprakash, and officials from various banks.