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Andhra Pradesh CM asks bankers to support MSMEs Andhra Pradesh

Andhra Pradesh CM asks bankers to support MSMEs

India Blooms News Service | @indiablooms | 11 Dec 2020, 08:02 pm

Vijayawada/UNI: Andhra Pradesh Chief Minister YS Jagan Mohan Reddy asked the bankers to support the MSMEs as they play a key role in the financial sector and assist in the restructuring of loans for MSMEs.

Speaking at the 213th State Level Bankers Committee (SLBC) meeting held here on Friday, the Chief Minister said it’s gratifying that 7.5 per cent growth was registered in the last quarter and 99 per cent of crop loans were given.

The Chief Minister asked the bankers to focus on doubling farmers’ income, reducing investment costs, providing proper market facilities for the crops, and to support farmers at the time of natural disasters.

"The government has started various initiatives to reduce the investment cost to farmers. The Government is providing financial assistance of Rs.13,500 per annum through Rythu Bharosa Scheme," he said and urged the bankers to come forward in providing loans to tenant farmers as they have been given Crop Cultivated Right Cards (CCRC).

The Chief Minister said the Self Help Groups had deposited Rs.7,500 crore in their accounts for 2020–21.

However, the interest paid by banks was only Rs.3 per cent, but the same banks were charging an interest of around 11 per cent and 13 per cent. He asked the bankers to consider the fact that the government itself is paying interest on timely paid loans.

Speaking at the conference, G Rajkiran Rai, SLBC President and MD of Union Bank of India said the banks had given Rs.2,80,519 crore as loans in Primary sector as on September this year and it’s 64.60 per cent of total loans.

Loans to the agricultural sector stood at Rs.1,85,075 crore and this is 42.61 per cent of the total loans, he said.

Ministers Botsa Satyanarayana, Kurasala Kannababu and Mekapati Goutham Reddy, Chief Secretary Nilam Sawhney, NABARD CGM Sudhir Kumar Jannawar SLBC Convenor V Bramhananda Reddy and RBI Regional Director K Nikhila were present at the meeting.