VIJAYAWADA: Chief Minister YS Jagan Mohan Reddy said on Tuesday he urged bankers to focus on disbursing farm term loans and providing Kisan credit cards to farmers who have yet to receive them.
The chief minister said sharecroppers should get loans and banking services from 4,240 Rythu Bharosa Kendras (RBK) and urged banks to complete them very quickly.
The chief minister, speaking to the 217 State Level Bankers Committee (SLBC) on Tuesday, urged bankers to provide Rs 35,000 as a 3% interest loan to women for the housing program and also asked them to focus on providing loans to TIDCO homes.
He said 1.78 lakh out of 8.3 lakh of MSME accounts have been restructured and urged banks to support them in the one-time restructuring of their loan.
The chief minister said that the dynamics of the country’s economic recovery are accelerating and the GDP growth rate for the second quarter of the fiscal year was 8.4% and the overall growth rate for the first half was 13.7%.
Expressing apprehension over the third wave of the Covid pandemic due to the Omicron variant, the chief minister said the economy would otherwise have to see a boost. He hoped, however, that the possibility of a third wave of Covid would have a low impact on the economy.
The Chief Minister said the importance of credit growth cannot be overstated at this stage and the nationwide bank credit of commercial banks scheduled at Rs 112 lakh crores on November 5, 2021, demonstrating a growth rate of 7.1%. , which is good.
He said the burden of Rs 30,000 crore has been imposed on the state government due to the Covid pandemic and that the state government has been able to alleviate the situation with the cooperation of the banking sector and thanked the bankers for their support.
Jagan Mohan Reddy said the banks’ annual loan plan was Rs 2,83,380 crore, of which 60.53%, or Rs.171,520 crore, was disbursed in the first six months alone. Likewise, the annual lending target for priority sectors was Rs.213,560 crore, of which 47.29%, or Rs.100,990 crore, was disbursed by banks during the first six months of this year. year and commended the banks for their support.
The chief minister said rupee 12,243 crore was needed for the establishment of 16 medical schools and 16 nursing schools across the state, and urged banks to support the state government with ready. He asked bankers to install ATMs in village secretariats and RBKs. Bankers said they would install ATMs in some locations as a pilot and expand later.
Union Bank Managing Director and CEO and SLBC Chairman Raj Kiran Rai praised the government’s social initiatives and assured bankers’ support.
SLBC Chairman V. Barhmananda Reddy said the farmers benefited because the state government paid interest on time for loans under the “YSR Sunna Vaddi” program and added that the Banking activity has been increased due to state government initiatives.