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New Indian Express
23-05-2025
- Business
- New Indian Express
Telangana Deputy CM Bhatti seeks banks' cooperation in achieving Yuva Vikasam goals
HYDERABAD: Deputy Chief Minister Mallu Bhatti Vikramarka on Thursday urged bankers to extend their full cooperation in achieving the objectives of the Rajiv Yuva Vikasam scheme. He stated that the state government aims to distribute sanction letters to five lakh unemployed youth under the scheme on June 2. Addressing the State Level Bankers Committee (SLBC) meeting here, he emphasised that allowing educated and skilled human resources to remain underutilised is a loss to society. He stressed the importance of channelling their talents into productive sectors, thereby contributing to the state's Gross Domestic Product (GDP). He noted that no other state in the country has implemented a scheme of this scale, which provides financial assistance of Rs 9,000 crore to five lakh youth. Of this amount, Rs 6,250 crore will be given as a government subsidy. The deputy CM highlighted a significant change in the scheme's structure — while previously the loan-to-subsidy ratio stood at 70:30, it has now been reversed, favouring a larger subsidy portion. Clarifying further, Vikramarka said that under the state's Annual Credit Plan, which totals over Rs 8 lakh crore, banks are required to allocate only 0.2 per cent for this scheme. He also pointed out that the government continues to support students through fee reimbursement programmes, which help in producing a skilled and educated workforce. 'For those who do not secure government jobs, the government intends to leverage their talents in entrepreneurship and industry. This vision inspired Chief Minister Revanth Reddy and the Cabinet to launch this massive employment-generation initiative,' said the deputy chief minister and requested the SLBC to appoint a special nodal officer to ensure coordination across all banks, with proper monitoring at the field level.
Hans India
23-05-2025
- Business
- Hans India
Bhatti urges bankers to expedite processing of applications under Rajiv Yuva Vikasam
Hyderabad: Deputy Chief Minister Bhatti Vikramarka Mallu sought bankers' help to launch the Rajiv Yuva Vikasam scheme on June 2. The Dy CM explained the government's objective of launching the scheme at the State Level Bankers Committee (SLBC) meeting held on Thursday. The Deputy Chief Minister emphasised that the state government has set a goal to distribute sanction letters to 5 lakh unemployed youth under the 'Rajiv Yuva Vikasam' self-employment scheme on June 2, Telangana Formation Day. He urged bankers to extend their full cooperation to achieve this target. He highlighted that educated and skilled human resources going unused is a net loss to society and stressed the importance of channeling their intellect into productive sectors, thereby boosting the state's GDP. He stated that no other state in the country has ever launched a scheme like this, which offers financial assistance of Rs 9,000 crore to 5 lakh youth. For those who do not secure government jobs, the government wants to leverage their talents in entrepreneurship and industry, he said, requesting that the SLBC appoint a special nodal officer to ensure coordination across all banks, with proper monitoring at the field level. Bhatti appealed to bankers to participate actively in the state's development and help achieve the 2025–26 Annual Credit Plan targets. He reiterated the need for banks and governments to work together to fulfill their social responsibilities, which would lead to a peaceful and prosperous society.
The Hindu
22-05-2025
- Business
- The Hindu
Telangana Deputy CM seeks cooperation of banks to achieve Rajiv Yuva Vikasam targets
Telangana Deputy Chief Minister Mallu Bhatti Vikramarka has requested banks to extend cooperation in achieving the targets set under Rajiv Yuva Vikasam, the innovative scheme facilitating self-employment opportunities to youth, in a time bound manner. The State Government has decided to distribute sanction letters to five lakh eligible youth selected for assistance through Rajiv Yuva Vikasam on June 2 coinciding with the State formation day. Bankers were asked to extend their cooperation in ensuring hassle free implementation of the scheme. Banks should accordingly appoint a State level nodal officer to coordinate with different banks for taking the scheme forward. The State Government on its part has resolved to provide ₹6,250 crore subsidy towards Rajiv Yuva Vikasam which is conceived to harness entrepreneurial skills among educated and skilled youth. This will in turn enhance the State Gross State Domestic Product, he said. The Deputy Chief Minister, who also holds the Finance portfolio, was addressing a meeting of the State Level Bankers Committee held in Hyderabad on Thursday (May 22, 2025). He hoped that banks would reach the targets planned for the current financial year. Focus on agri sector Mr. Bhatti Vikramarka said the State government accorded top priority to agriculture sector with focus on promotion of horticulture and oil palm cultivation. The government had recently credited ₹21,000 crore into the accounts of farmers as part of loan waiver while it prioritised implementation of Rythu Bharosa farmers investment support scheme besides paying premium to provide insurance coverage to them. Solar pump sets to tribal farmers This was in addition to the launch of the Indira Soura Giri Jala Vikasam, an exclusive scheme for providing off-grid power connectivity to tribal farmers through distribution of solar pump sets with 100% subsidy. A huge ₹12,600 crore had been earmarked for providing solar pump sets to eligible tribal farmers free of cost over a period of five years. ₹1 lakh crore interest free loans to women SHGs Women empowerment was another priority area of the government and it had sanctioned interest free loans of ₹20,000 since taking over power in the State. It was resolved to provide ₹1 lakh crore interest free loans to women self help groups (SHG) in the coming five years. In addition to providing financial assistance to SHGs, steps were taken to inculcate entrepreneurship among them. Accordingly, women were encouraged to purchase buses for leasing out to the Telangana State Road Transport Corporation (TGSRTC) and set up power plants through which they could make money. The State Government had targeted additional generation capacity of 20,000 MW through green energy by 2030 and several steps were initiated in this direction. Advanced tech centres to make youth employable on a global scale Equal emphasis was laid on youth empowerment and the government implemented fee reimbursement for them to promote human resources in a big way. While Skill University was set up to harness skill sets among youth, the government was setting up advanced technology centres in majority of the Assembly constituencies to provide necessary training to youth for making them employable on a global scale.
News18
20-05-2025
- Business
- News18
Stop Denying Loans To Farmers Over CIBIL Scores, Devendra Fadnavis Warns Banks
Last Updated: Chief Minister Devendra Fadnavis warned banks in Maharashtra to stop denying agricultural loans based on CIBIL scores. A Rs 44.76 lakh crore loan plan for 2025-26 was approved. In a sharp rebuke to banks operating across Maharashtra, Chief Minister Devendra Fadnavis on Monday issued a stern warning to banks to stop denying agricultural loans to farmers on the basis of CIBIL scores or face serious consequences. Speaking at the 167th State Level Bankers Committee (SLBC) meeting held at the Sahyadri Guest House in Mumbai, Fadnavis expressed deep concern over the continued insistence by banks on assessing CIBIL scores, despite repeated government warnings against the practice. Farmers are being denied credit due to their CIBIL scores, and this is unacceptable, the chief minister said. 'We have repeatedly instructed banks not to ask for CIBIL (score) yet they continue to do so. This must be resolved in today's meeting itself. In the past, FIRs have been filed against such banks. This is a serious issue that banks must handle responsibly," PTI quoted Fadnavis as saying. CIBIL scores, a credit rating system maintained by the Credit Information Bureau, are typically used to assess a borrower's ability to repay loans. However, Fadnavis argued that applying this metric rigidly to farmers has disastrous consequences. 'If farmers do not receive agricultural loans, it adversely affects the economy and increases farmer suicides," he said. The chief minister underscored that even the Reserve Bank of India has clearly directed banks not to insist on CIBIL scores for farm loans, and warned that further violations could invite punitive action. Rs 44.76 Lakh Crore Loan Plan for Maharashtra In a significant financial move, the SLBC meeting approved a massive credit plan of Rs 44.76 lakh crore for Maharashtra for the fiscal year 2025–26. Nationalised banks were instructed to intensify efforts to disburse loans and expand the net of agricultural lending in the state. Reiterating Maharashtra's leadership in agriculture, Fadnavis said that farmers were the backbone of the state, and agriculture was a crucial pillar of the economy. 'Neglecting agriculture is not acceptable. Hence, nationalised banks must focus on increasing farm loan distribution," he reiteriated. With the Indian Meteorological Department predicting favourable monsoon conditions this year, the chief minister stressed that banks should seize this opportunity to increase lending support. 'With good rainfall predicted by the meteorological department, crops are expected to do well this year. In such a scenario, banks should extend greater support to farmers. Good rainfall boosts agricultural growth, which benefits both banks and farmers," Fadnavis asserted. He also emphasised the evolving nature of agriculture, highlighting the government's new investment-centric approach to the sector. The state is implementing an agricultural investment policy with a target of Rs 5,000 crore in annual investments, Fadnavis announced, adding that agriculture must no longer be viewed as just a support sector but a full-fledged enterprise. He urged financial institutions to align with this vision and adapt their lending strategies accordingly. Banks stand to gain by supporting this transformation. Their participation is not only welcome; it is essential, he said. Fadnavis also underscored the critical role banks must play in accelerating the state's economic growth, asserting that Maharashtra has already crossed the USD half-trillion economy milestone and is advancing rapidly toward becoming a USD one-trillion economy. According to a PTI report, Fadnavis said, 'The state ranks first in foreign direct investment, with Rs 16 lakh crore secured from Davos. Maharashtra is now startup capital and banks should support this sector, which has significant employment potential. Maharashtra ranks first in the MSME sector, which promises investment opportunities. Banks and the government must work together to ensure benefits of Central and state MSME schemes reach intended beneficiaries, thereby strengthening both state and national economies." The chief minister further urged financial institutions to prioritise emerging sectors such as tourism and services, which he identified as key to boosting employment and regional development. Highlighting the state's agricultural backbone, Fadnavis pointed to the growing network of Farmer Producer Organizations (FPOs) in Maharashtra, describing them as a vital force in transforming agricultural productivity and rural incomes. He also drew attention to Gadchiroli, a traditionally underdeveloped district, emphasising that targeted investment and industrial networks are now being developed there. He called for banking support to ensure the success of such regional development plans. First Published:
New Indian Express
20-05-2025
- Business
- New Indian Express
Don't ask CIBIL scores of farmers seeking crop loan, Fadnavis tells banks
Earlier, FIRs were also filed against banks for such errant conduct. The RBI has also clarified agricultural loans, said the CM during the 167th meeting of the State Level Bankers Committee that was held at Sahyadri Guest House in Mumbai. He further said that if any bank branch asks for CIBIL scores, then action will be taken against that particular branch. 'The nationalised banks should make special efforts to increase agricultural credit provision and meet the target given this year,' Fadnavis added. The Meteorological Department has predicted good rains this year. Against this backdrop, banks should cooperate more with farmers. When there is good rain, the agricultural growth rate is good. Banks should also take advantage of this and give it to farmers,' the chief minister said. Fadnavis said an investment policy is currently being implemented in the agricultural sector. 'The role of banks is important in it and they should participate in this investment. The new opportunities will now be available for investment in this sector. Therefore, banks should provide maximum credit to farmers. It will only benefit the banks.'
