Deputy CM Mallu Bhatti Vikramarka wanted bankers to prioritise loans to agriculture, housing and education in the upcoming financial year
Published Date – 14 March 2024, 07:15 PM
Photo: Screen-grabbed from X.
Hyderabad: Deputy Chief Minister Mallu Bhatti Vikramarka pointed out the crucial role of banks in fostering economic growth and social welfare, urging them to recognise lending as a social responsibility, particularly in sectors vital to the State’s development agenda. He wanted them to prioritise loans to agriculture, housing and education in the upcoming financial year.
Addressing bankers at the 40th quarterly meeting of the State Level Bankers Committee (SLBC) here on Thursday, Bhatti Vikramarka asserted that agriculture and allied sectors were a priority for the State government. He stressed the need for bankers’ cooperation in advancing the priority sectors and wanted them to provide fresh loans to farmers who could not repay pending crop loans.
“Neglecting their loan needs could drive farmers towards debts obtained from private money lenders and eventually lead to tragic outcomes like suicide. Hence, the bankers should adopt a compassionate approach towards farmers and prioritise their financial well-being as farmers are the backbone of the country’s economic growth and food production,” he said.
Bhatti Vikramarka also emphasised the importance of supporting self-employment initiatives, particularly among youth and women. He asked banks to provide loans to agriculture, housing and education as a priority. He also advised the bankers to consider giving a one-time settlement offer to Emu farmers who are facing a dire situation in their ventures. He wanted the banks to provide loans to self-help groups in line with the State government’s ambitious plan to empower women through interest-free loans amounting to a total of Rs 1 lakh crore over the next five years.
Agriculture Minister Tummala Nageswara Rao pointed out the pivotal role of farmers in the country’s economy, emphasising the potential risk of food shortages if agricultural productivity declines. He also stressed the need for banks to support dairy industry initiatives and maintain the integrity of the banking system.
On the occasion, the Ministers released a cheque of Rs 1.83 crore towards payment of incentives to silk farmers. The event was attended by senior officials from the Finance department, State Bank of India, NABARD, and other key stakeholders.
