Deputy Chief Minister Mallu Bhatti Vikramarka has requested banks to focus on providing loans to micro, small and medium enterprises (MSMEs) as well as to women, Dalit and tribal entrepreneurs.
Banks are requested to adopt a more positive approach towards educational loans as loans to students are investments for the future of youth, he said at the 49th State Level Bankers’ Committee meeting here on Friday.
He recalled the growing dependence on renewable energy sources and said banks should actively consider supporting solar projects, rooftop panel installations and other environment-friendly initiatives financing them. There was also the need for bringing more people under social security and insurance schemes.
He exhorted banks to function not merely as financial institutions but as strategic partners in the State’s development. It was important for them to decide which sectors should receive loans based on their contributions to the State’s GSDP and employment generation.
He said Telangana government aimed at making the State a US $3 trillion economy by 2047 and asserted that the ambitious goal was achievable in view of the State’s current growth rate. While the growth rate at the national level stood at 8.2%, Telangana gew at 10.7%. Similarly, the State’s per capita income was much higher at ₹4.18 lakh compared to ₹2.1 lakh at the national level.
He appreciated banks for their cooperation in extending loans to deserving sections and said the total bank deposits reached ₹9.43 lakh crore and advances touched ₹12.34 lakh crore. The State’s Credit-Deposit ratio was 130.78% which was a major achievement. Banks exceeded the targets fixed for agricultural loans disbursing ₹1.68 lakh crore against the targetted ₹1.65 lakh crore, achieving 101.88%. Agriculture is the backbone of Telangana’s economy and banks supported farmers, dairy farmers, fishermen, and allied sectors through schemes including Kisan Credit Cards.
He said the Government was giving top priority to welfare schemes, economic self reliance and women empowerment besides launching projects like construction of the Bharat Future City and Musi rejuvenation. The quantum of interest free loans to self help groups was increased from ₹5 lakh to ₹10 lakh and the government had accordingly decided to focus on lafrge scale loan distribution to women’s groups in Hyderabad.