As the festival of lights is a day ahead, senior Tamil Nadu Minister has said that the recent gold loan waiver of the government is the Diwali fight from Chief Minister MK Stalin to the people. The gold loan waiver at the state-run cooperative banks is one of the poll promises of DMK during the 2021 assembly polls and nearly six months after coming to power, the MK Stalin administration has announced the waiver. 

According to reports, the state government has on Monday issued an order of waiving gold loans taken from the cooperative banks up to five sovereigns. The government order was issued by the department of co-operation in which it has said that Chief Minister MK Stalin had announced on September 13 that the gold loans taken from cooperative banks till March 31, 2021, will be waived off to benefit the people. 

The waiver would cost Rs 6,000 crore to the already financially ailing government and the government has made up a criterium to identify eligible and ineligible beneficiaries for availing the loan waiver. As per the criteria, if a ration card holder and members have one or more gold loans - gross weight up to 40 g, in one or more cooperative banks, they can avail the waiver and in case of whether the eligible people had paid the part of the loan before the order, the balance loan amount including principal and interests will come under the waiver and they don't have to pay the remaining loan amount. 

The order has further notified that the state government will pay the cooperative banks the principal loan amount and the interest from April 1. The order of gold loan waiver had brought a huge relief to the large section of people ahead of the festive season and Tamil Nadu Minister of Cooperatives, I. Periyasamy has said that this gold loan waiver is Chief Minister MK Stalin's Diwali gift to the people. While addressing the reporters in Dindigul on Tuesday, he said that the Chief Minister has waived off the gold loans as the Diwali gift and all the mortgaged gold will reach the residences of those who own them.

He said, "The loan waiver amid struggling in financial deficit is an achievement of the government. As the loans are waived, the jewels will directly reach the hands of people and this is MK Stalin's Diwali gift." He said that a cooperative training institute will soon be established in Kodaikanal and the Chief Minister has given his consent to establish the institution. "This institute will be educating the functioning of the cooperative system and societies and admission will begin by this year", the minister added.