Fund release hold-up hits minorities hard

Hyderabad: The Telangana State Minority Finance Corporation (TGSMFC), which is supposed to provide financial assistance with 100 per cent subsidy to minorities, is finding itself in a tight corner, as the second phase of loan amount was sanctioned but the releasing of cheques has been pending since the last eight months. During the previous government’s tenure, the cheques for 630 applicants that were sanctioned are yet to be released.

The applicants are looking to the Minority Corporation to make a fresh start by setting up a small business, but there is no hope of getting loans from the government, as their applications are pending.

The previous government led by BRS had announced a direct loan to minorities to make them self-sufficient by enabling them to start small businesses. The bank-linked scheme had a subsidy of 100 per cent to 60 per cent.

As per the sources from TGSMFC, in the first phase of the subsidy loan, the previous government released Rs 125 crore and the loans were disbursed among 14,000 applicants. “Before the elections, the government sanctioned the amount for 630 applicants in the second phase, but with the implementation of the election code of conduct, it was kept pending. So far, the amount was at the district collectorate, who assured to release it on the orders of the present government,” said sources. There were talks that the pending cheques which were with the collectorate will be returned back to the government,” added the source.

The sources said, “Thousands of Muslims applied for the scheme loan, and some beneficiaries received cheques from the government before the elections, but the cheques were returned from the bank citing low funds in the government’s account,” added sources.

Moreover, over 3,000 sewing machines which were sanctioned for the minority women were also kept pending and yet to be distributed among the beneficiaries.

After the cheques were returned back to the applicants, citing a scam by the previous government as an election stunt, Mohammed Asif Hussain Sohail, an activist said, “The previous BRS government played with the minorities by handing over cheques with no funds in the accounts. We minorities urge the present government to help the beneficiaries by releasing the amount in the accounts so that the applicants who were waiting for the loan can utilise the loan amount in their small-scale businesses,” said Asif Hussain.

He said that earlier before the bifurcation, for minorities, there were 21 schemes, and now there are three schemes. Even though these are not being implemented due to a lack of budget, we asked the Congress government to revive the finance corporation for the upliftment of minorities, he pointed out.

TGSMFC is ostensibly the only minority government institution for minorities to ensure their socio-economic progress. For minorities, the schemes include subsidy loans, education, scholarship reimbursement, self-employment loan schemes, and driver empowerment.