Role of bankers vital for economic progress and societal development, says Collector

District Collector Sridhar Chamakuri emphasizes bankers' crucial role in economic growth and societal development, achieving significant financial progress.

Annamayya District Collector Sridhar Chamakuri called for the vital role of bankers’ participation and cooperation in the district’s economic progress and societal development.

The Collector chaired the District Consultative Committee (DCC) and District Level Review Committee (DLRC) meetings, at the Collectorate here on Thursday. He assessed the loan targets set for all banks in the district by the end of the first quarter and the progress made, alongside representatives from the respective banks.

Mr. Sridhar highlighted the district’s substantial financial accomplishments in the financial year 2024-25, achieving 131.79 percent progress by sanctioning loans amounting to ₹4520.68 crore, surpassing the district credit plan target of ₹3,430 crore in the first quarter ending on June 30.

As an agriculturally focused district, the District Collector noted that 124 percent of financial progress has been realised in the current financial year, disbursing loans totalling ₹3,134 crore against the target of ₹2,425.50 crore for agricultural loans.

He said that ₹478 crore has been approved for the MSME sector, achieving 41 percent progress. The District Collector commended the bankers for their consistent efforts in advancing the district’s economic growth, emphasising that the economy can thrive only through efficient banking practices.

Recognising the implementation of various welfare schemes by the Central and State governments, the banking community was directed to expedite the provision of loans to eligible beneficiaries in urban and rural areas. Moreover, the expansion of banking services within villages reinforced banking operations, and the promotion of secure digital transactions was emphasised.

The Collector reiterated that loan facilities should be extended to deserving young and aspiring entrepreneurs. “Bank branches that are not meeting the progress targets are advised to provide reasons for the shortfall. Concerted efforts should be geared towards fulfilling government schemes such as Standup India, Mudra, Gramin Khadi Board, crop loans, and education loans, to strengthen the financial position of the underprivileged. Mr. Sridhar also underlined the need to encourage deserving artisans and fishermen, and to financially empower them.