Patnaik urges Banks to Help Revive State Economy

While addressing a State Level Bankers’ Committee (SLBC) meeting, Chief Minister Naveen Patnaik urged banks to focus on credit flow to farmers, self-help groups and Micro, Small and Medium Enterprises (MSMEs) to revive the state’s economy. Patnaik also said he would closely monitor loan advances to the three crucial sectors and conduct a district-wise review with collectors, bankers jointly by November end.

Patnaik declared that a ‘Chief Minister’s award for Champion banks’ will be instituted for honouring the best performing banks on the front of credit flow, loan collection and attribution.

“I would also inform about the performance to the Union Finance Minister. My government is very serious about restoring the economy both at State level and at individual household levels. For this, I have three important interventions – Credit to farmers, Credit to Mission Shakti SHGs and Credit to MSMEs – where I need your unstinted support,” he stated. Like doctors saved lives, the bankers and the banks have the power and the ability to protect the livelihoods of people. “I am sure, all of you will rise to the occasion in helping the poor and needy, especially women, farmers and MSMEs,” Patnaik said.

The Chief Minister said that the ‘Balaram’ scheme had been launched to help sharecroppers as the state has sanctioned more than 600 crores for interest subsidy to aid farmers to get loans at 0% up to 50,000 and at 2% interest up to 3 lakh loan. Furthermore, the state government is also providing interest-free loans up to 3 lakh to women SHGs under Mission Shakti.

For the MSMEs, the state is providing interest subsidy to boost the sector. Patnaik concluded the meeting by appreciating the banker’s association for providing excellent service during the lockdown even by risking their health.

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