VIJAYAWADA: In a landmark initiative aimed at expanding access to institutional credit and financial inclusion, Union Finance & Corporate Affairs Minister Nirmala Sitharaman will distribute loan sanction letters to beneficiaries under the Credit Outreach Programme at Narasaraopet of Palnadu district on Friday.
Chief Minister N Chandrababu Naidu will also participate in the programme. Under the campaign, loans worth Rs 3,216 crore have been sanctioned to 1,03,246 beneficiaries across Palnadu district, making it one of the largest district-level credit outreach initiatives undertaken in the State.
The programme reflects the joint commitment of the NDA Governments both at the centre and at the state level, banks and financial institutions to ensure timely and affordable institutional credit reaches every eligible beneficiary.
The sanctioned credit will be delivered within a month across the district and spans key sectors including agriculture, MSMEs, retail lending and other priority sectors.
The Credit Outreach Campaign will be extending financial assistance across multiple sectors.
Under the agriculture segment, beneficiaries will receive support through Kisan Credit Cards (Crop), KCC for Animal Husbandry and Fisheries, Self Help Group (SHG) loans, and other agricultural credit schemes. MSMEs, entrepreneurs and livelihood seekers will be benefitting through schemes such as PM Mudra Yojana, PM SVANIDHI, Prime Minister’s Employment Generation Programme (PMEGP), PM Vishwakarma, and other MSME loans. Retail borrowers will also be supported through home loans, vehicle loans, education loans, and assistance under the PM Surya Ghar Scheme.
Alongside credit delivery, awareness and enrolment efforts are being undertaken under Pradhan Mantri Jan Dhan Yojana (PMJDY) for universal banking access, Pradhan Mantri Suraksha Bima Yojana (PMSBY) providing accidental insurance coverage, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offering life insurance protection, and the Atal Pension Yojana (APY) to strengthen pension security for workers in the unorganised sector.
Speaking on the Credit Outreach Programme, Narasaraopet MP Lavu Sri Krishna Devarayalu remarked, “I had the opportunity to engage with Finance Minister Nirmala Sitharaman on strengthening credit outreach in Palnadu. The sanction of `3,216 crore is not just about extending credit, it is about bringing thousands of first-time beneficiaries into the formal banking system.”
“A majority of the beneficiaries are small and marginal farmers, women, and members of the SC, ST and BC communities. Affordable institutional credit will reduce dependence on informal sources of finance while creating new opportunities for livelihoods, entrepreneurship and economic empowerment.”
