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    HomeHyderabadMinorities face significant impact from delay in fund release

    Minorities face significant impact from delay in fund release

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    The Telangana State Minority Finance Corporation (TGSMFC) is facing difficulties in releasing cheques for the second phase of loan amounts that were sanctioned eight months ago. The previous government had announced direct loans for minorities to start small businesses, but many applicants are still waiting for their funds to be released.

    In the first phase of the subsidy loan, Rs 125 crore was released and distributed among 14,000 applicants. However, the second phase of loans for 630 applicants has been delayed due to the election code of conduct. Despite promises from the district collectorate to release the funds, many beneficiaries are still waiting for their cheques.

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    Thousands of Muslims applied for the scheme loan, but some beneficiaries had their cheques returned by the bank due to low funds in the government’s account. Additionally, over 3,000 sewing machines for minority women are still pending distribution.

    Activist Mohammed Asif Hussain Sohail criticized the previous government for handing out cheques with insufficient funds and called on the present government to release the amount to help beneficiaries start their small-scale businesses. He also urged the government to revive the finance corporation to support minority upliftment.

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    TGSMFC offers various schemes for minorities, including subsidy loans, education, scholarship reimbursement, self-employment loan schemes, and driver empowerment. It is an important institution for ensuring socio-economic progress for minorities in Telangana.

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