The Punjab government has waived a Rs 68 crore loan for 4,727 Scheduled Caste families

Punjab Finance Minister Advocate Harpal Singh Cheema expressed heartfelt gratitude to Chief Minister Bhagwant Singh Mann and AAP National Convener Arvind Kejriwal for the Punjab Cabinet's landmark decision to waive off the outstanding loan of Rs 68 crore for 4,727 poor Scheduled Caste families, owed to the Punjab Scheduled Castes Land Development and Finance Corporation as of March 31, 2020.

He said that this decisive action is set to bring relief to thousands families, who have been grappling with this financial burden for last 2 decades.

At the press conference convened by the Chief Minister Bhagwant Singh Mann to announce the loan waiver decision, Finance Minister Harpal Singh Cheema provided a detailed breakdown of the waived amount. He said that the total waived amount of Rs 68 crore comprises approximately Rs 30 crore in principal, Rs 22 crore in interest, and Rs 15 crore in penalty interest. He said that these loans have remained outstanding for the past two decades, during which the affected individuals repeatedly approached successive Congress and Akali-BJP governments, but their voices went unheard.

Emphasized the high repayment success rate of 84 percent for loans issued by the Punjab Scheduled Castes Land Development and Finance Corporation, Finance Minister said that this high repayment rate underscores the commitment of these individuals to repay their loans, which they utilize to generate employment by mobilizing available resources. He said some of these loans were pending due to the demise of the original borrowers or unavoidable circumstances that prevented repayment, so the Punjab Government has decided to waive off these loans.

The Finance Minister specifically commended Chief Minister Bhagwant Singh Mann's proactive approach, noting that the Chief Minister had personally directed him to make provisions for the loan waiver while preparing the state budget for the financial year 2025-26, after being approached by these families. He also underscored the invaluable guidance and support received from AAP National Convener Arvind Kejriwal, saying, "Arvind Kejriwal ji maintains a close watch on the issues affecting all sections of society and consistently provides direction to find effective solutions."

Finance Minister Harpal Singh Cheema said that this loan waiver would provide significant relief to thousands of families, freeing them from the harassment they were facing from the corporation. He said that this decision is a testament to ‘AAP’ led Punjab government’s commitment to social justice and the welfare of the most vulnerable sections of society.