Udupi CEO urges banks to boost support for small and medium industries
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Udupi district's small and medium industries need stronger backing from government departments and financial institutions, said Chief Executive Officer of the Zilla Panchayat, Prateek Boyal. He directed officials on Monday to work towards building confidence among these enterprises and ensuring banks extend adequate financial assistance to help them grow and generate more jobs.
Chairing the District Lead Bank progress review meeting at the Dr. V.S. Acharya Hall in Manipal's Rajatadri, Boyal noted that over 15,000 small and medium industries operate in the district. These include cashew processing units, marine product firms, ready-to-eat food manufacturers, and other enterprises. Banks must provide financial support for infrastructure and working capital needs, he said. Business owners should register on the MSME portal to access credit.
Complaints have emerged that small industries do not receive adequate cooperation from banks. The banking sector must address this, Boyal stressed. He also called on banks to assist women's groups seeking loans for self-employment ventures.
On crop insurance, Boyal urged officials to give farmers sufficient time to register under the weather-based insurance scheme, create awareness, and ensure more farmers are covered. Every farmer must have the opportunity to pay the insurance premium, and any technical glitches should be resolved promptly to bring them under the scheme's ambit.
Banks play a vital role in delivering central and state government-sponsored schemes to the public, he said. Officials must guide beneficiaries who apply for loans under various government programs, scrutinise applications thoroughly, and prioritise financial aid for those in genuine need.
The district's credit-deposit ratio stood at 48.99 percent last year, below the Reserve Bank of India's guideline of 60 percent. Boyal instructed banks to increase lending, especially for housing, education, self-employment, and government scheme beneficiaries.
Under the PMFME scheme, 516 beneficiaries received Rs 59.34 crore. Under PM-SYMGBY, 837 applications were submitted last year, with 229 rejected and 558 beneficiaries getting Rs 8.20 crore. Under the PM Vishwakarma scheme, 5,889 applications were received up to April, and 4,079 beneficiaries received Rs 37.16 crore in loans.
Canara Bank Regional Office Deputy General Manager Mahamaya Prasad said the district achieved a credit plan target of Rs 17,191.28 crore against a goal of Rs 15,514.08 crore, reaching 110.81 percent. The agriculture sector achieved 112.01 percent, MSME 99.93 percent, education 90.21 percent, housing 53.12 percent, and non-priority sectors 121.87 percent.
📰 Source: Kundapra