Odisha CM Calls on Private Banks to Boost Lending for Poverty Alleviation Programs

Chief Minister Mohan Charan Majhi met with representatives from ICICI Bank, Axis Bank, and HDFC Bank to discuss the need for increased loan disbursement under Odisha’s welfare programs. The CM emphasized the significance of these financial institutions in the execution of poverty alleviation schemes, aligning with the central government’s focus on supporting the needy through credit-based initiatives. Loans are essential for fostering economic growth and generating employment opportunities, he stated. Majhi issued a directive to these banks to substantially increase their lending activities to the economically disadvantaged and warned against any further lapses in performance. The banks were previously removed from the state’s empanelled list on June 21 due to their unsatisfactory performance in schemes such as PMEGP, PM Swanidhi, Stand-Up India, and various loan programs for agriculture, housing, and education. The banks have assured that they would improve performance and expedite loan disbursal.