Surat: In a major relief measure for flood-affected residents and businesses in Surat, The Varachha Co-operative Bank Ltd. has launched a special ‘Flood Loan’ scheme offering loans of up to Rs. 5 lakh at 9% interest, along with a new insurance scheme to protect traders against losses caused by floods and waterlogging.

The schemes were launched on Saturday by Gujarat Deputy Chief Minister Harsh Sanghvi at the bank’s head office. Sanghvi described the initiative as a timely and commendable step to help people recover from the recent floods that inundated several residential, commercial and industrial areas of Surat.

Addressing the gathering, Sanghvi said the state government has begun damage assessment on a war footing and has already completed nearly 80% of the survey, which is targeted to be finished within 72 hours. Based on the survey of losses suffered by industries, shops and commercial establishments, the Gujarat government will soon announce a relief package, he said.

Under the Flood Loan scheme, eligible customers can avail loans of up to Rs. 5 lakh at an interest rate of 9%, with a repayment period of up to 60 months. The bank has also set up a dedicated help desk at its head office to ensure faster processing and approval of applications.

In addition, Varachha Bank introduced a special general insurance scheme aimed at protecting traders from future flood-related losses. Under the scheme, stock worth up to Rs. 10 lakh can be insured for an annual premium of Rs. 1,000, providing coverage against damage to goods, godowns and business premises due to floods or waterlogging.

Minister of State for Health Praful Pansheriya said the initiative would particularly benefit small traders affected by the recent flooding. The event was also attended by MLAs Pravin Ghodadra and Kanti Balar, Varachha Bank Chairman Narendra Kakadia, and other dignitaries. DeshGujarat