Maharashtra launches scheme to offer personal loans for prisoners

Maharashtra government on Tuesday launched a scheme to provide personal loans for prisoners with the aim to improve the living standard of the families of the inmatesThe Maharashtra State Cooperative Bank will give loans under the scheme up to Rs 50000 at an interest rate of 7 per cent The scheme will be implemented on a pilot basis at Yerawada Central Jail Pune said Maharashtra Home Minister Dilip Walse PatilThe decision was taken in a meeting chaired by Home Minister Patil at Sahyadri Guest House and also a Government Resolution GR was issued in this regardLaunching the scheme Patil said It will also be the first innovative loan scheme in the country to get a loan based on the income earned while working in a prison With this a welfare scheme can come in concrete form and approximately 1055 prisoners can benefit from the scheme Many inmates are serving longterm imprisonment Since the majority of these inmates are prominent members of the family their families may become distraughtA feeling in the family that the person who has gone to jail has failed in his family duties In such a situation providing a loan to a prisoner for the needs of his family would help to increase the familys sympathy and love for the prisoner and help maintain a healthy family atmosphere added the ministerUnder the scheme the loan facility will be decided on the basis of the prisoner prisoners loan limit duration of punishment possible relief from it age estimated annual working day and minimum daily income The loan will not require a guarantorThe Home Minister said that the loan will be given without collateral and only on a personal guaranteeThe lending bank will be solely responsible for ensuring that the loan amount is used to meet the needs of the family concerned or to pay the fees of their lawyers or for other legal matters In addition 1 per cent of the amount recovered by the bank from loan repayment will be given annually to the Prisoners Welfare FundThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever