So far, more than Rs 15,000 crore has been transferred to the accounts of beneficiaries of various welfare schemes.

Andhra CM Jagan meets state level bankers seeks support for welfare schemes
news Governance Wednesday, January 08, 2020 - 09:27

With a slew of welfare schemes already launched and many more waiting in line, Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy has asked bankers in the state to help the government in implementing these schemes. The CM met with bankers at the 209th State Level Bankers’ Committee (SLBC) meeting held on Wednesday.  

Lauding the role of the banks in the implementation of welfare programmes, Jagan said that over Rs 15,000 crore has been transferred to the accounts of farmers, auto and taxi drivers, fishermen, weavers, Agrigold victims and to the beneficiaries of Law Nestham Scheme so far. For the Amma Vodi scheme alone, which is set to be launched on Thursday, an amount of nearly Rs 6,500 crore would be transferred to the mothers of school-going children from low-income backgrounds. 

Speaking at the meeting, Subrata Das, Regional Director, RBI said that the state’s banks have performed well this year, with a good record of loan sanctions in primary sector. He also said that only 11 villages in the state with a population of more than 5,000 lack banking services, advising banks to begin operations in these villages. He also urged for the development of infrastructure needed to perform digital transactions.

The CM and Finance Minister advised bankers to provide support to the agriculture sector, tenant farmers, self-help groups (SHG) and MSME (Micro, Small and Medium Enterprises). He also instructed banks to make efforts to implement the Pradhan Mantri Mudra Yojana in which the state stood in the 12th position. The central government scheme provides financing for micro enterprises.   

Chief General Manager of NABARD (National Bank for Agriculture and Rural Development) Selvaraj said that banks are giving SHG loans on different interest rates at present, and that the interest rate must be rationalised across banks. He also added that banks must focus on sectors where loans given were low, like horticulture, fisheries and animal husbandry sectors. 


Become a TNM Member for just Rs 999!
You can also support us with a one-time payment.