Odisha CM Presses Private Banks to Step Up Loan Distribution for the Poor

In Bhubaneswar, Chief Minister Mohan Charan Majhi addressed ICICI Bank, Axis Bank, and HDFC Bank, urging them to improve the rate at which they distribute loans under Odisha’s welfare initiatives targeted at the state’s economically weaker sections. The meeting, held at Lok Seva Bhawan, saw the CM stressing the role of banks in implementing welfare programs that include credit-linked schemes designed to help the poor. Majhi pointed out that the loans are key to boosting economic inclusion and creating jobs. He advised the banks to significantly increase their lending to the poor and warned them of the consequences of continued underperformance. The banks’ previous poor performance in Odisha across schemes like PMEGP, PM Swanidhi, Stand-Up India, and agricultural, housing, and education loans resulted in their removal from the state government’s approved list on June 21. The bank representatives responded positively, committing to enhancing their performance and speeding up loan disbursal.