Banks in Andhra Pradesh have achieved their target of disbursing loans to the tune of over ₹1.68 lakh crore in the current financial year, observed Finance Minister Buggana Rajendranath Reddy. He made these remarks during the State-Level Bankers’ Committee 224th meeting held at Secretariat, Velagapudi in Guntur on Monday.
Mr. Rajendranath observed that the banks in the State achieved more than 20% hike in issuing loans as compared to the previous year. He said that the banks distributed ₹1.40 lakh crore loans in 2022-23 FY, as compared to the ₹1.68 Lakh crore in 2023-24 FY. He said that it is a welcome development that will boost the State’s overall economy.
The Finance Minister suggested to bankers to give more loans to the MSME sector as they would generate more employment for the unemployed youth in the State.
He also suggested that bankers provide loan facilities to those who come forward to establish industries under various Central and State government schemes and projects.
The Minister said that the bankers gave ₹517-crore loans to 67,422 tenant farmers. He requested bankers to further extend support for the tenant farmers and work together with the agriculture department to achieve this target.
