Tamil Nadu to formulate State Cooperative Policy, announces loan schemes

Tamil Nadu Minister for Co-operation V. Gandhiraj announced on Thursday in the Assembly that the State government will formulate a Cooperative Policy to transform cooperatives in Tamil Nadu into people-centric, transparent and economically sustainable institutions. The policy aims to ensure the sustainable growth and stability of cooperatives and enhance their market competitiveness.

The Minister also made two financial announcements for the Cooperation Department. The Singa Pengal Loan Scheme will be implemented through cooperative banks to promote women as entrepreneurs, with an allocation of ₹7,015 crore. Additionally, rural business loans will be extended to farmers at an interest rate of 9% to help them start agriculture-allied businesses, with ₹5,000 crore allocated for this purpose.