In Maharashtra, prisoners can now get loans without putting up any collateral. The scheme, which tries to reform inmates, will be implemented as a pilot project at the Yerawada Central Jail in Pune. Under the scheme, the Maharashtra cooperative bank will provide up to Rs 50,000 in loans to the prisoners at a 7% interest rate.
The initiative was approved at a meeting presided over by state Home Minister Dilip Walse Patil, who also issued an order in this regard. Loans will be given without any guarantees, although inmates will be required to present documents of their income while inside.
According to Patil, the decision to grant loans to inmates’ families for their rehabilitation will be the country’s first such loan scheme, benefiting 1,055 inmates.
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