KOCHI: Kubera Rahitha Gramam, the first village without loan sharks, will be announced by Home Minister Ramesh Chennithala at Elookkara near Aluva on Saturday.
“The village attained the honour following an initiative by the Elookkara Service Cooperative Bank to provide interest-free loans to the needy,” said Bank president T M Syed Kunhu. The bank launched the initiative to provide interest-free loans after the State Home Department started ‘operation Kubera’ to drive away loan sharks.
The scheme was inaugurated by V D Satheesan MLA on January 22, and the target of the scheme was completed on March 31.
Through the scheme, the bank could serve the needy people, who availed various interest-free loans including autorickshaw loans and wedding loans.
It has also been decided to disburse interest-free loans at the time of school opening and during the Onam season.
Many other projects of the bank, such as pipe water to all homes, savings for the housewives, ATM cards and online mobile branch will be inaugurated on Saturday at a function to be presided over by PWD Minister V K Ibrahim Kunju.
A host of dignitaries, including V D Satheesan MLA, Anwar Sadath MLA and film director Siby Malayil will inaugurate the projects.