Banks must extend credit to all sectors to strengthen State’s economy, says Chief Minister Chandrababu Naidu

Chief Minister N. Chandrababu Naidu on Wednesday directed banks to step up lending to all sectors and sections of society to strengthen the State’s economy and ensure inclusive growth.

Addressing the 236th State Level Bankers’ Committee (SLBC) meeting, Mr. Naidu said banks should ensure that credit reached all sections and sectors in accordance with the development priorities of the State.

He observed that though lending to Micro, Small and Medium Enterprises (MSMEs) had increased compared with the previous period, the level of credit disbursement was still below expectations. He pointed out that some banks were lagging considerably in achieving their lending targets.

“There is no point in conducting SLBC meetings unless the targets are achieved,” the Chief Minister said, stressing the need for banks to translate the decisions taken at such meetings into measurable outcomes.