Atchannaidu calls upon bankers to extend loans to tenant farmers

Vijayawada: Minister for agriculture K. Atchannaidu urged bankers to extend loans, particularly to tenant farmers, with a humanitarian approach. Speaking at the 228th State Level Bankers’ Committee meeting, held at the AP Secretariat, Atchannaidu reviewed the progress made in the first quarter of 2024 on key issues such as banking indicators, government schemes, and financial inclusion.

The minister announced the state's plan to bring 50 lakh acres under natural farming over the next five years and urged banks to provide the necessary loans for agriculture and allied sectors. He also called for support to the MSME sector and young entrepreneurs.

Atchannaidu criticised the previous government for diverting funds, affecting targeted sectors' development. He lauded the state's efforts to get these sectors back on track and called upon banks to contribute to development and welfare schemes.

Union Bank of India CEO A. Manimekhalai commended the state government for its innovative programmes under Chief Minister Chandrababu Naidu’s leadership. She noted that banks had targeted Rs 1.36 lakh crores in loans by June 30, with 36% already disbursed, particularly benefiting the agriculture and MSME sectors.