Hyderabad: Deputy Chief Minister Bhatti Vikramarka Mallu on Tuesday asked the bankers to show more concern in releasing loans to farmers. Bankers should work with concern and not to confine themselves merely to statistics and calculations. While the government has released Rs.18,000 crore to banks towards farmers’ loan waiver, so far only Rs.7,500 crore has been released to farmers, he said.
Even one week delay in loan waiver would not have the desired benefit, he said while speaking at a meeting with bankers at Praja Bhavan here on Tuesday. Elaborating on development and welfare goals of the government, Bhatti said the Congress government decided to develop rural areas in a speedy manner and has taken up construction of Regional Ring Road (RRR).
According to Bhatti, agriculture is the backbone of the State and investment support is being extended to farmers through loan waiver and Rythu Bharosa and funds are being allocated for completion of major and medium irrigation projects.
The State government is also extending 24-hour free power and farmers are being freed from the debt burden. All these measures will strengthen the agriculture and allied sectors, he said. Apart from agriculture, Bhatti said priority was being given to industrial sector and government is going ahead with innovative policies. Chief Minister A Revanth Reddy and Industry Minister D Sridhar Babu during their recent visit to USA and South Korea to attract investments signed MOAs worth Rs.36,000 crore.
Small and medium scale industries will generate large scale employment to people, he said and asked bankers to sanction loans on a large scale to these industries. He also sought bankers’ help in giving interest free loans to Self Help Groups under the Indira Mahila Shakti Scheme for industrial development.
The State government intended to give one lakh crore interest free loans to SHGs in five years. Bhatti expressed happiness over the encouraging performance of banks in the first quarter of financial year 2024-25 towards advances to priority sectors.
Appreciating the bankers, he said in the first quarter itself 40.62 per cent of annual credit plan for priority sector was achieved. Significantly, the cash reserve ratio of the State improved to 127.29 per cent in the first quarter itself.
Telangana is one of the fastest growing States in the country and Congress government has been taking up various development programmes to keep Telangana ahead in the race. Increase in paddy production would help the State to take the lead position among States supplying paddy to Food Corporation of India.
Bhatti said the government would extend required help for oil palm cultivation in the State. He hoped that bankers would exceed the set target of the credit plan in the coming quarter of the financial year.