Hyderabad: The Telangana government has urged bankers to extend more loans to the agriculture sector, and women’s self-help groups along with providing funds for MSMEs as the state gears up to compete with developed nations on the back of progress in agriculture and industrial sectors.
Addressing the first meeting of the State-Level Bankers Committee (SLBC) where the annual credit plan (ACP) was released, Deputy Chief Minister Mallu Bhatti Vikramarka, and Agriculture Minister Tummala Nageswara Rao called on the banks to be true partners in progress of the state.
The ACP for 2024-25 has plans by the banks to disburse a total credit of Rs.6,33,777.48 crore. Of which, disbursals under the priority sector advances are projected at Rs.2,80,550.80 crore.
Bhatti, who also holds the finance portfolio, said banks should adopt a social and humanitarian attitude, and added that no state can develop without a positive attitude of bankers.
He said the Regional Ring Road (RRR) will change the face of the state, which already has an Outer Ring Road, an international airport, affordable human resources, an ideal environment, a friendly government, and a cosmopolitan city.
Bankers, Bhatti said, should not restrict themselves to providing loans to big businesses but also to the poor and middle classes, adding that the Congress government’s ‘Indiramma Rajyam’, was all about the social sector. The state has agro-based industries, core sector industries, software, and hardware clusters, and the RRR will contribute to the growth of urban, semi-urban and rural regions.
In Hyderabad, the development of the Musi River on the lines of the River Thames’ development in London, which he said, will see the expansion of businesses in the Musi catchment area.
Tummala, in his address, called on banks to increase the number of their branches in rural areas and pointed out that while urban areas in Telangana have 6,415 branches of various banks, rural areas have only 1,874 such branches.
He said bankers have to do more for the agriculture sector. Though the plan is to disburse Rs 13,000 crore more this year than last year, banks must ensure that the share of small and marginal farmers receiving loans is increased. As much as 73.11 per cent of agricultural land in Telangana is owned by farmers falling into these two categories.
Banks must also step up providing loans to the oil palm sector, a focus area for the state, he said, pointing out that while the state provides 90 per cent subsidy and has released Rs 100.76 crore to 18654 oil palm farmers, only 50 farmers have received loans so far.
Infograph
Banks’ lending plans for 2024-25
Agricultural sector - Rs.1,34,138.01 cr
Short-Term Production Credit - Rs.81,478.08 cr
Agriculture Term Loans, Allied activities - Rs.28,222.75 cr
Agriculture Infrastructure - Rs. 5,197.31 cr
Agriculture Ancillary Activities - Rs. 19,239.87 cr
Micro, Small & Medium Enterprises - Rs. 1,29,635.83 cr
Housing sector - Rs. 10,768.59 cr
Education Loans - Rs. 2,706.53cr
Other Sectors - Rs. 3,301.84 cr
