The Maharashtra government has introduced a scheme that allows prisoners to obtain personal loans from banks of up to Rs. 50,000 to help their families improve their living conditions and meet expenses related to their legal matters. It will be a first of its kind initiative in our country. The Maharashtra State Co-operative Bank would provide loans up to 50,000 under the scheme at a 7% interest rate. The scheme would be implemented in Yerawada Central Jail in Pune, Maharashtra, on a pilot basis. This type of loan is called a “khavti” loan, and benefits approximately 1,055 prisoners.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Under the scheme, the loan facility will be decided on the basis of the prisoner, prisoner’s loan limit, duration of punishment, possible relief from it, age, estimated annual working day and minimum daily income. The loan will not require a guarantor. There will be no need for a guarantor. It will be disbursed on a personal bond. The bank will decide the amount based on earnings, skill, daily wages.
Weekly Current Affairs One-Liners Current Affairs 2026 plays a very important role in competitive examinations…
Did you know that one district in Uttar Pradesh is famous for its advanced hospitals…
Did you know that there was a time when girls in India were not allowed…
At India AI Impact Summit 2026, the Gujarat government signed a Memorandum of Understanding (MoU)…
Union Health Minister Jagat Prakash Nadda launched the indigenously manufactured Tetanus and Adult Diphtheria (Td)…
Did you know that one small island became famous across the world because of a…