Now Reading: Tamil Nadu unveils Rs 7,015 crore cooperative credit scheme for women
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Tamil Nadu unveils Rs 7,015 crore cooperative credit scheme for women
Tamil Nadu Cooperation Minister V Gandhiraj on Thursday announced 39 cooperative-sector initiatives in the Legislative Assembly, led by the Rs 7,015 crore Singapengal Entrepreneurship Credit Scheme for women. The package includes Rs…
Tamil Nadu Cooperation Minister V Gandhiraj on Thursday announced 39 cooperative-sector initiatives in the Legislative Assembly, led by the Rs 7,015 crore Singapengal Entrepreneurship Credit Scheme for women. The package includes Rs 5,000 crore in priority-sector rural business loans at 9% interest for small and marginal farmers and Rs 300 crore for produce pledge loans.
The government also reintroduced Rs 50 crore in long-term agricultural loans, allocated Rs 10 crore for women's self-help groups to convert farm waste into vermicompost, and launched a common brand logo, Vetri, for all cooperative products sold across the state. Farm-gate procurement worth Rs 50 crore through 50 cooperative societies aims to eliminate middlemen for crops such as paddy, turmeric, maize and coconut.
All primary agricultural cooperative credit societies will be upgraded into multi-service hubs, with 3,452 receiving micro-ATMs. UPI payments will be extended to 10,000 additional ration shops, 100 shops converted into multi-purpose outlets, and 150 ration-shop jobs created with priority for women. A unified portal and mobile app will offer over 25 loan services and grievance redressal.
Indian Opinion Analysis
Tamil Nadu's cooperative sector, with over 50,000 societies and 3.5 crore members, has long been a backbone of rural credit and distribution, particularly for women's self-help groups. The Singapengal scheme's Rs 7,015 crore allocation is the largest single credit line for women entrepreneurs in the state's history, nearly doubling the previous year's allocation. Cooperatives handle over 40% of the state's fertiliser sales and 30% of its foodgrain distribution through ration shops. The digitisation push, micro-ATMs, UPI at ration shops, and a unified loan portal, aims to reduce leakage and wait times in a system that serves over 2 crore ration card holders. The common branding of cooperative products under 'Vetri' signals an attempt to compete with private FMCG brands, but success depends on consistent quality across thousands of small societies. Upcoming: implementation timelines and loan disbursement targets for Q3 FY26 will be watched by rural credit analysts.
Source: indiatoday.in
This story was synthesised by AI from the source linked above.
