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Banking sector became vibrant in TG during Modi's rule: Kishan
Hyderabad: Union Minister for Coal and Mines G Kishan Reddy stated that expansion of banking services in Telangana progressed rapidly from the time Narendra Modi took over as the Prime Minister. In 2014, there were 6,000 bank branches across the state. In the intervening period till date, 600 new branches have been added, he said.
At a review meeting of the Telangana State Level Bankers Committee (SLBC), Reddy discussed various welfare schemes and programmes implemented by the Centre in the state. He pointed out that 80,931 bank correspondents are working to improve accessibility of banking services for people in the state's rural areas by providing banking facilities directly to the public.
State Bank of India, Union Bank of India and Canara Bank are the lead banks across districts, he said.
Meanwhile, SLBC has decided to conduct more awareness initiatives to provide clear information to the community regarding the services offered by banks and the procedures for obtaining them.
Among the proposals include the need to create awareness programmes about education loans, housing loans, Kisan Credit Cards and about lodging complaints in case of delays in granting loans to Self-Help Groups (SHGs). It was also decided to educate small entrepreneurs in the MSME sector about their eligibility for loans. Centre-sponsored loans and schemes like craft loans, term loans, agricultural loans and loans related to the dairy and poultry sectors must be highlighted, as were schemes like Vishwakarma Yojana, Mudra Yojana, and street vendor loan facilities, the meeting felt.
In 2013-14, the total agricultural loans in Telangana amounted to Rs 27,676 crore, which under the Modi government, rose to Rs 1,37,346 crores by 2024-25. This data clearly shows how the central government is supporting Telangana farmers, with loans having nearly quintupled over 11 years, the Minister said.
However, Kishan Reddy expressed concern that the Rs two-lakh-farmer loan waiver announced by the Congress government has not been fully implemented in the state.
"Although approximately 15,000 farmers are eligible, funds have not yet been credited to their accounts," he said.
Moreover, many farmers have taken agricultural loans of less than Rs one lakh, yet their loans were not waived, Reddy maintained and urged the state government to respond promptly, collect clear information from the respective banks, and complete the loan waiver process for all eligible farmers.
