Role of Bankers Vital for Economic Progress and Societal Development, Says Annamayya District Collector
Annamayya District Collector Sridhar Chamakuri emphasized the crucial role of bankers in driving the district’s economic progress and societal development during the District Consultative Committee (DCC) and District Level Review Committee (DLRC) meetings held at the Collectorate on Thursday. In his address, the Collector highlighted the district’s significant financial accomplishments for the financial year 2024-25, noting that the district had surpassed its credit plan targets by a substantial margin.
Impressive Financial Achievements
Collector Sridhar proudly announced that Annamayya district had achieved a remarkable 131.79 percent progress in the first quarter of the financial year, with loans sanctioned amounting to ₹4,520.68 crore. This figure notably exceeds the district credit plan target of ₹3,430 crore set for the period ending on June 30. Such impressive progress underscores the vital role of effective banking practices in fostering economic growth within the district.
As an agriculturally focused district, Annamayya has seen substantial financial progress, particularly in the agricultural sector. The district achieved 124 percent of its financial target in this sector, disbursing loans totaling ₹3,134 crore against a target of ₹2,425.50 crore. This achievement highlights the district’s commitment to supporting its agricultural community, which forms the backbone of its economy.
Support for MSMEs and Welfare Schemes
The Collector also provided an update on the progress made in the Micro, Small, and Medium Enterprises (MSME) sector. Loans totaling ₹478 crore have been approved for the sector, marking 41 percent progress toward the district’s targets. While there is still work to be done, the progress in the MSME sector indicates a growing focus on diversifying the district’s economic base.
During the meeting, Mr. Sridhar commended the bankers for their consistent efforts in advancing the district’s economic growth. He emphasized that the district’s economy can only thrive through the efficient and timely provision of financial services, particularly through the disbursement of loans to eligible beneficiaries across urban and rural areas. He urged the banking community to continue their support of the Central and State governments’ welfare schemes, ensuring that financial resources reach those in need.
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Expanding Banking Services and Promoting Digital Transactions
The expansion of banking services within villages was also discussed during the meeting, with the Collector stressing the importance of reinforcing banking operations in rural areas. He emphasized the need to promote secure digital transactions, which are essential for modernizing the district’s financial infrastructure and making banking services more accessible to the rural population.
Mr. Sridhar called for banks to extend loan facilities to deserving young and aspiring entrepreneurs, providing them with the financial support needed to launch and grow their businesses. He highlighted the importance of nurturing the next generation of business leaders as a means of driving long-term economic growth and job creation within the district.
Addressing Shortfalls and Encouraging Artisans
The District Collector did not shy away from addressing areas where progress has been lacking. He advised bank branches that are not meeting their progress targets to provide explanations for their shortfalls. He called for concerted efforts to be made toward fulfilling government schemes such as Standup India, Mudra, Gramin Khadi Board, crop loans, and education loans. These schemes are critical for strengthening the financial position of the underprivileged and fostering inclusive economic growth.
In addition, Mr. Sridhar underscored the need to encourage and financially empower deserving artisans and fishermen in the district. By providing targeted financial support to these groups, the district can ensure that its economic progress is inclusive and benefits all segments of society.
Conclusion
Collector Sridhar Chamakuri’s address highlighted the critical role that bankers play in the economic and societal development of Annamayya district. The impressive financial achievements of the district in the first quarter of the financial year are a testament to the effectiveness of the banking community’s efforts. However, the Collector’s call to action serves as a reminder that continued progress will require sustained cooperation, efficient banking practices, and a commitment to inclusivity.
