Modi government approach banks for funding Swachh Bharat Mission

Modi government approach banks for funding Swachh Bharat Mission: The Narendra Modi government is now looking at the private sector to aide its Swachh Bharat Mission and provide financial assistance for building toilets for poor families, union Rural Development Minister Birender Singh said on Tuesday.

My VIEW:



February 10, 2016
Bank loans for toilets
This refers to the report “Modi government approach banks for funding Swacch Bharat Mission” (Business Standard, February 10). The initiative to ensure potable water toilet facilities to the entire population of the country is commendable. Inclusion of water and sanitation under priority sector for bank credit is also most welcome. This will enable banks to include eligible credit provided for these purposes under their priority sector lending.
The message that comes across from Rural Development Minister’s speech can mislead both banks and potential beneficiaries of credit for construction of toilets. Ideally, BPL category of borrowers should not be further burdened with repayment responsibility of a loan that will not earn any incremental income. In their case, if the ‘incentive’ of Rs 12,000 is inadequate for construction of a toilet, government or any other agency should fund the difference in costs for the same, without making the beneficiary responsible for repayment.
A different view need to be taken in case of APL category who can afford repayment. In their case, construction of toilets will be part of construction/renovation of house, where banks will be able to provide credit.

M G Warrier, Mumbai

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