Finance fishing boats

TN CM urges banks to speed up sanctions on loans to segments affected by Covid

Tamil Nadu Chief Minister MP Stalin on Monday called on banks to join state government in reviving the Covid-battered economy by speeding up sanctions and disbursements on self-help group loans, to MSMEs, self-employed workers, farmers, students, fishermen and food processing units, among others.

“As the pandemic has crippled the economy, the state government faces an immense challenge of restoring it in the coming days. In order to improve people’s livelihoods, we ask banks to join state government, ”he said at the meeting of the Special Committee of State-level Bankers here.

He urged banks to consider all applicants seeking support under PM SVANidhi, a special microcredit facility for street vendors, who have been affected by the pandemic.

With MSMEs playing a vital role in the economic growth of the state, the government of Tamil Nadu has already announced some measures for their survival. In recent years, 137,429 loan applications have been recommended by banks, but only around 36% have been accepted. It must increase, he said.

Kisan Credit Cards

While urging banks to grant student loans to students from socially backward sections, Stalin said that to date 31.09 lakh kisan credit cards have been issued in the state. He urged banks to speed up the process in order to issue the remaining 7.16 lakh cards in the state.

There are approximately 104 requests for food processing units pending with various banks. Banks could prioritize sanction loans to these applicants because it will help farmers get higher prices for their produce, he said.

Stalin also urged banks to consider lending to fishermen who need to purchase deep sea fishing boats / boats as the fishing and seafood industry was being modernized.

The meeting attended by Minister of State for Municipal Administration KN Nehru, Minister of State Finance Palanivel Thiagarajan, Senior State Government Officials, Partha Pratim Sengupta CMD & CEO, IOB and des representatives of RBI, Nabard, Indian Bank, State Bank of India, Canara Bank, Bank of Baroda, ICICI Bank, HDFC Bank, among others.

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