Vijayawada: Banks to disburse loan worth Rs 970 crore tomorrow

Vijayawada: Indian Bank deputy general manager and Vijayawada zonal manager KV Rajasekhar Rao said here on Tuesday that Credit Outreach Camp is being organised throughout the country to provide credit to the priority and non-priority sectors on Thursday (October 28).

Addressing the media at the Indian Bank zonal office here, the zonal manager said that as the lead bank, the Indian Bank along with a host of other scheduled banks is organising the camp at a convention centre here from 9.30 am to 5 pm to provide loans worth Rs 970.85 crore to 46,870 beneficiaries of agriculture, MSMEs, retail traders and other sectors.

He said that as per the direction of the Central government's department of Financial Services (CDFS), similar camps are being organised in all the districts throughout the country.

Rajasekhar Rao said that the pandemic destroyed the economy and this is a great effort to put the economy back on track. He pointed out that the credit should not be an impediment for achieving growth.

"Keeping in view the pandemic situation, only 500 beneficiaries are being invited to the Credit Outreach Camp here and the remaining people would be given credit in their respective areas," he said.

The zonal manager said that it is not just one day programme but it will continue till the target is achieved. The loans include agriculture, MSMEs, housing, Mudra, Atma Nirbharata, and others, he added.

The senior banker said that all banks would display their schemes and amount they would sanction in their respective stalls set up at the venue.

Lead bank district manager K Ramamohan Rao, deputy zonal manager M Selvaraj, SBI officer KS Sriramamurthy and others participated.