Chief Minister Chandrababu Naidu suggested that bankers should also change their approach in line with the changing world. He revealed that the Centre has brought reforms in GST and next generation reforms are coming. The 232nd meeting reviewed the loan disbursement targets for agriculture, primary sectors, MSME and SHG sectors, and banking services in rural areas.
Chief Minister Chandrababu made it clear at the state-level bankers’ meeting that giving loans at the end of the season is of no use to farmers. He said that half of the time in Kharif has already passed and that farmers should be given loans and inputs at this time. He said that our economic system is being prepared to challenge countries like America and China.
He said that banks and financial institutions should think about new innovations. He made it clear that India will become a strong economic system by 2047. He revealed that no one will recommend false lending and that unproductive loans are also not good. He suggested that necessary steps should be taken to reduce the gap between the rich and the poor.
CM Chandrababu said that as a student of economics and a public representative, he was thinking about the poor. He recalled that at one stage he had traveled extensively to places like Davos for wealth creation and industries. He said that banks and financial institutions should work together for the purpose of wealth creation and economic development in the country.
Meanwhile, during the Kharif season, banks had given loans worth Rs. 94,666 crore as of June against the loan target of Rs. 1,80,540 crore. Loans worth Rs. 985 crore were sanctioned to tenant farmers across the state. Loans worth Rs. 49,831 crore were sanctioned to the MSME sector, Rs. 252 crore to the education sector, and Rs. 1,146 crore to housing.
Loans worth Rs. 125 crore were sanctioned to the renewable energy sector. Loans worth Rs. 1,000 crore were sanctioned to self-help groups. 5,937 crores and Rs. 3189 crores were sanctioned by banks under Mudra loans.
