Andhra Pradesh CM initiates YSR Aasara scheme Phase II

The Jaganmohan Reddy government on Thursday initiated the second phase of the YSR Aasara scheme under which nearly Rs 6,440 crore would be credited into the accounts of 78.76 lakh women in the state formed into 7.97 lakh Self Help Groups (SHGs).

Addressing a public meeting at Ongole, Chief Minister Reddy said that a total of Rs 12,759 crore was spent in the last 28 months of his administration for YSR Aasara, under which outstanding loans of women SHGs to the tune of Rs 25,517 crore (till April 2019) would be credited into their bank accounts in four phases.

Reddy charged that SHG women were betrayed by former chief minister Chandrababu Naidu, “who promised to waive off all their loans during the 2014 elections.”

“Believing Naidu’s words, SHG women were stuck in debt for not repaying their loans, as the levied interests have blown-up the Rs 14,204 crore to Rs 25,517 crore. Over 18 per cent of SHGs were notified as Non Performing Assets (NPA) and even those under A grade were demoted to C, D due to these outstanding loans. Adding more burden, the zero-interest loan scheme was also stopped from October 2016,” Reddy said.

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Reddy stated that as promised by him during the 2019 elections to clear these loan amounts in four phases, “his government is already crediting Rs 12,759 crore in the first two phases while also restarting zero-interest loan schemes benefiting nearly one crore women.”

“With such measures, only 0.73 per cent SHG are now notified as NPAs and those with C, D grading could also regain their A grade, registering a recovery rate of 99.5 per cent,” the CM said.

The disbursal under Aasara will take place in all the districts except Kadapa from October 7-18, considering each mandal as a unit. Kadapa district would be covered from November 6-15 after the Badvel by-elections.

Reddy said that under his government’s initiative, over three lakh women have started various businesses and are earning an additional income of Rs 7,000 to Rs 10,000 per month.

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