Bankers should be liberal, says Andhra CM...

In addition to giving money to the recipients of different direct benefit transfer (DBT) programs, andhra pradesh Chief minister N chandrababu naidu asked bankers to be generous when lending money to farmers, especially tenant farmers. For the first time since taking over as chief minister, Naidu spoke at a state-level bankers committee (SLBC) meeting, asking that lending to important industries be done without difficulty.

₹5.4 lakh crore annual credit plan for the state for 2024–2025 was authorized by the SLBC. (Did this get announced today too?) Of this, ₹1.65 lakh crore has been allotted to other sectors and ₹3.75 lakh crore to priority sectors. The credit objective for the agriculture sector is ₹2.64 lakh crore. According to Naidu, the agricultural industry would receive 14% more credit in 2014 than it did in 2013. Infrastructure, mechanized agriculture, fishery, dairy, and poultry would receive ₹32,600 crore in priority funding.

For the MSME sector, the SLBC granted a loan allocation of ₹87,000 crore, which is 26% greater than the ₹69,000 crore from the year prior.  ₹11,500 crore had been set aside for loans for the housing initiative, while ₹8,000 crore would be loaned for non-conventional energy.

Naidu declared that he would form a subcommittee comprising of different bankers to instil discipline in expenditure across different industries. He urged the bankers to concentrate on promoting wealth-generating initiatives while advocating for the use of contemporary farming practices to lower cultivation costs. Additionally, he recommended that banks support digital payments as much as possible.

Attendees at the meeting were State Finance minister Payyavula Keshav, Agriculture minister Achchennaidu, Executive director of Union bank Sanjay Rudra, Convener of the SLBC CVN bhaskar Rao, bank representatives, and representatives from other departments.

Find out more: