Vijayawada: Bankers urged to provide more crop loans

Vijayawada: Minister for FinanceBuggana Rajendranath Reddy appealed to bankers to increase crop loans and loans to tenant farmers.

Addressing the 220th State-Level Bankers' Committee (SLBC) meeting at the Secretariat at Velagapudi on Tuesday, the Minister said that banks have been playing a key role in the development of agricultural sector and stressed the need for extending more loans to agri and aquaculture sectors.

He said bankers should come forward to encourage small entrepreneurs for industrial development and employment generation. Speaking on the occasion, Union Bank of India general manager and country head for agriculture Srinivasa Rao said the banks achieved 43.76 per cent loan targets by extending loans worth Rs 39,798 crore under the 2022-23 annual credit plan. He said in agricultural sector, 32.62 per cent target was achieved by extending loans to the tune of Rs 53,732 crore.

Special Chief Secretary (Finance) SS Rawat appealed to the bankers to extend more loans to tenant farmers.

SLBC convenor and Union bank of India general manager Navaneet Kumar explained on the progress of the bank till June 30. Nabard general manager NS Murthy said the Nabard extended loans to a tune of Rs 37,500 cr this year.

Special Chief Secretary (Industries) Karikala Valavan and others were present.