Banks should not be lax in loan sanctions

Hanamkonda: Additional Collector Venkat Reddy on Tuesday warned bank officials not to be lax in sanctioning loans. The District Consultative Committee met at the Collectorate, chaired by Venkat Reddy.

Addressing the bank officials, he mentioned that some banks have been slow in sanctioning crop loans; urged them to meet the targets for this year. He suggested that loans should be widely provided for solar units from the agri infra fund, PMFME, AIF, and self-help groups. He reprimanded bank officials for not sanctioning loans to industries; banks should not be lax in sanctioning loans under schemes like PMEGP, Stand Up India.

In the district 33 banks through 169 branches have sanctioned a total loan of ₹3,773.14 crore for the second quarter of the annual loan plan for 2024-25, which is ₹7,413.22 crore. Loans of ₹2,305.71 crore were sanctioned for agriculture, ₹1,400.70 crore for industries, ₹16.03 crore for education loans, ₹22.00 crore for housing and ₹87.58 crore for other priority sectors, totalling ₹5,081.27 crore.

The bank officials informed the AC about the awareness programmes aimed at educating the public on financial activities, such as “Account Holder Awareness”. They shared that under the Jeevan Jyoti Life Insurance Scheme, 110,439 have been provided coverage, while 331,587 account holders have been given insurance through the Suraksha scheme. Approximately 54,523 account holders are benefitting from pensions under the Atal Pension Yojana.