Vijayawada: Banks, industries on recovery path with dip in Covid cases

Vijayawada: The industrial and banking sectors are gradually recovering due to decreasing Covid cases in the State and country, said State level bankers committee convenor B Brahmananda Reddy on Thursday.

He said that banks are liberally sanctioning loans to farmers, traders and entrepreneurs in the State for their development as per national policy of Credit Outreach programme.

Brahmananda Reddy inaugurated the Credit Outreach programme conducted by the Krishna district administration here on Thursday. Addressing the bankers, customers, entrepreneurs and traders, Reddy said loans worth Rs1,395 crore were sanctioned in the district as part of the programme to agriculture, MSME units and other sectors.

He stated that the district stood first in the State in sanction of loans to various sectors. He informed that Rs771.65 crore was sanctioned to the agriculture sector and over 24,000 farmers benefitted with it. He said Rs190 crore was sanctioned to MSME units, Rs240 crore to retail traders and Rs185.16 crore sanctioned to other sectors under various schemes.

Reddy said the banks are extending cooperation for the implementation of the Central government schemes like PM Jeevana Jyothy scheme, Mudra scheme, Stand Up India, Atal Pension Yojana and State government schemes like Tidco Housing, JaganannaThodu etc.

He said banking, industrial and business sectors were badly hit by Covid and now all these sectors are gradually recovering with the decrease of Covid cases. He said as per the instructions of the Union government Credit Outreach programmes are being conducted in districts across India and banks are sanctioning loans to agriculture, industry, commerce and trade sectors.

Indian Bank General Manager B Suribabu said Credit Outreach programmes are conducted across the country in 738 districts from October 1 to November 30 to sanction loans and give boost to different sectors in the country. He said the State and Central governments are implementing schemes as part of the Covid assistance.

Saptagiri Grameena Bank chairman ASR Prasad said the banks are always ready to sanction loans to the people and traders.

Andhra Pradesh cooperative Bank Managing Director R Srinath Reddy, DGM Bank of Baroda B Rajasekhar, Lead bank manager K Rammohana Rao, Nabard district development Manager K Vijay and others participated in the event.

Earlier, Brahmananda Reddy inaugurated 24 stalls related self-help groups and the services of banks to the customers.