Additional Registrar of Cooperative Banks said recently micro credit to the tune of Rs. 5,000 would be given to the small traders in Tirunelveli in Tamil Nadu who would have to pay the principal in 25 weeks through weekly instalment of Rs. 200, and the government would pay the 11 per cent interest on the loan amount. If the repayment was prompt and the loan amount was repaid by the 25th week, the borrower would be given fresh loan with 4 per cent interest rate, reports Hindu.
The cooperative official called upon the cooperative banks to organise special camps across the district to identify the right borrowers and give them micro credit, he said.
Addl. registrar suggested special camps should be held at Tirunelveli District Central Cooperative Bank, Tirunelveli Junction City Cooperative Bank and the Cooperative Banks at Palayamkottai, Tirunelveli Town, Veeravanallur, Kallidaikurichi and Ambasamudram.