According to the statement made by the state government, this facility will be provided to all state government employees. This facility will last till March 31, 2021. Under this facility, the advance given to government employees will be totally interest free. This decision will cost state exchequer around Rs 1,000 cr.
According to the information provided by the state government, this advance amount will be disbursed among the government employees through State Bank of India (SBI). The state government employees will have to return the advance amount of Rs 10,000 in 10 easy installments.
Not just this, the state cabinet has also decided to give special cash package to government employees in place of LTC.
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Apparently, central government had already announced to give Rs 10, 000 in advance. Central government employees will also have to return this amount in 10 easy installments without any interest. Almost 48 lakh central government employees, who fall under the aegis of the 7th Pay Commission, are likely to directly benefit from this scheme. The Centre is likely to incur an expenditure of Rs 4,000 cr on this scheme.