Which statement/statements is/are true?

I. The Maharashtra Department of Prisons has launched a loan scheme “jivhala” for inmates serving sentences in jails across the state.

II. In the initial phase of the scheme a loan of Rs 50,000 will be given at a 7 per cent interest rate. Of the interest the bank earns, one per cent will be given back to the system as a contribution to the Prisoners’ Welfare Fund.

III. Under the scheme the loan will be provided without any requirement of mortgage or guarantor.

Which statement/statements is/are true?

Solution

• The Maharashtra Department of Prisons has launched a loan scheme for inmates serving sentences in jails across the state.
• The credit scheme titled Jivhala is being offered by the Maharashtra State Cooperative Bank.
• The pilot was introduced for prisoners at Yerawada Central Jail in Pune, and will gradually be extended to nearly 60 prisons across the state.
• This is the first kind of credit scheme for prisoners in India.
• The credit scheme, called Jivhala meaning ‘affection’ in Marathi, has been launched primarily for convicted inmates who are undergoing a prison sentence of more than three years.
• In the initial phase, a loan of Rs 50,000 will be given at a 7 per cent interest rate. Of the interest the bank earns, one per cent will be given back to the system as a contribution to the Prisoners’ Welfare Fund.
• The loan will be provided without any requirement of mortgage or guarantor.