Lend more to agriculture sector, PA finance minister Buggana urges bankers

By Express press service

VIJAYAWADA: Affirming that the government gives top priority to the agricultural sector, Finance Minister Buggana Rajendranath has urged bankers to lend more to farmers. He also said the government was placing particular emphasis on micro, small and medium-sized enterprises (MSMEs) and urged bankers to encourage industrialists.

Chairing the 220th meeting of the State Level Bankers Committee (SLBC) at the Secretariat on Tuesday, Mr. Buggana reviewed the progress of various banks in implementing the annual credit plan for 2022-23 as well as the sectoral objectives.

He said that banks play a key role in the overall development of the state and praised the support of banks in the effective implementation of several development and social protection programs. Calling on bankers to sanction on-time loans for beneficiaries of Tidco and other housing schemes, he also urged them to lend more to women’s empowerment self-help groups.

Informing that Andhra Pradesh accounts for 40% to 50% of the country’s aquatic products exports, he said bankers should give enough support to the sector. Explaining that priority was given to skills development and also the establishment of a skills center in each constituency, he requested the support of bankers for the integration of skills development.

Union Bank of India Managing Director Srinivasa Rao said the banks have extended much-needed support to development and social welfare programs implemented by the state government. He informed that out of the total annual credit plan of Rs 3,19,480 crore for the financial year 2022-23, the banks have reached 43.76% of the target by June 30, by lending Rs 1,39,798 crore. Against the loan target of Rs 2,35,680 crore for priority sectors, Rs 74,177 crore has been extended until June 30, achieving 31.47% of the target, he explained.

VIJAYAWADA: Affirming that the government gives top priority to the agricultural sector, Finance Minister Buggana Rajendranath has urged bankers to lend more to farmers. He also said the government was placing particular emphasis on micro, small and medium-sized enterprises (MSMEs) and urged bankers to encourage industrialists. Chairing the 220th meeting of the State Level Bankers Committee (SLBC) at the Secretariat on Tuesday, Mr. Buggana reviewed the progress of various banks in implementing the annual credit plan for 2022-23 as well as the sectoral objectives. He said that banks play a key role in the overall development of the state and praised the support of banks in the effective implementation of several development and social protection programs. Calling on bankers to sanction on-time loans for beneficiaries of Tidco and other housing schemes, he also urged them to lend more to women’s empowerment self-help groups. Informing that Andhra Pradesh accounts for 40% to 50% of the country’s aquatic products exports, he said bankers should give enough support to the sector. Explaining that priority was given to skills development and also the establishment of a skills center in each constituency, he requested the support of bankers for the integration of skills development. Union Bank of India Managing Director Srinivasa Rao said the banks have extended much-needed support to development and social welfare programs implemented by the state government. He informed that out of the total annual credit plan of Rs 3,19,480 crore for the financial year 2022-23, the banks have reached 43.76% of the target by June 30, by lending Rs 1,39,798 crore. Against the loan target of Rs 2,35,680 crore for priority sectors, Rs 74,177 crore has been extended until June 30, achieving 31.47% of the target, he explained.