Uttar Pradesh: CM Yogi Cabinet Approves ₹20 Crore Interest-Free Loan For Outsource Service Corporation
· Free Press Journal
Lucknow, July 21: A major decision was taken at the Cabinet meeting chaired by Chief Minister Yogi Adityanath to accelerate the functioning of the Uttar Pradesh Outsource Service Corporation. The Cabinet approved the proposal to provide Rs 20 crore, as earmarked in the Budget for the financial year 2026-27, to the corporation as an interest-free loan. This decision will strengthen the functioning of the newly constituted corporation and help make the management of outsourced services in the state more systematic and transparent.
Informing about the Cabinet decision, Finance Minister Suresh Khanna stated, "The Uttar Pradesh Outsource Seva Nigam has been constituted as a non-profit public limited company under Section 8 of the Companies Act, 2013. The objective of the corporation is not to earn profits but to operate public services in a more effective, transparent and systematic manner."
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He pointed out, "The corporation is currently in the initial phase of its operations. Therefore, financial assistance was required to strengthen its administrative framework, develop arrangements including the centage charges to be collected from outsourcing agencies, and ensure the smooth commencement of its operations. Keeping this in view, the State Government has decided to provide an interest-free loan of Rs 20 crore."
UP Cabinet Approves Bharatiya Gyan Parampara Shodhpeeths In Universities With ₹5 Crore BudgetHe further noted, "The corporation will not be in a position to repay the loan from its own income during the initial years. Based on the preliminary assessment, the corporation will have no liability to repay the loan during the first five years. Thereafter, it will repay the loan from its own income at the rate of Rs 2 crore per year over the next ten years."