 "Karnataka waives Rs.1,225 crore loan")
The newly-formed Congress government in Karnataka Monday waived cumulative loans and interest arrears to the tune of Rs.1,225 crore owed by 10.3 lakh beneficiaries of the weaker sections of society.
Of the total beneficiaries, 1.87 lakh belong to Schedule Castes (SC), 4,078 to Schedule Tribes (ST), 4.98 lakh to OBCs (Other Backward Classes) and three lakh to minorities.
"The waiver of loans with interest to these beneficiaries is in accordance with the promise made in our party election manifesto ahead of the assembly polls (May 5)," state's new Chief Minister Siddaramaiah said.
The outstanding loans of SCs are Rs.186 crore, STs Rs.163 crore, OBCs Rs.514 crore and minorities Rs.362 crore.
The beneficiaries were given loans by the central and state governments under schemes of financial institutions Ambedkar Development Corporation, ST Development Corporation, Devaraj Urs Development Corporation and Minorities Development Corporation.