Odisha Urges Private Banks to Boost Credit for Welfare Schemes

Odisha Chief Minister Mohan Charan Majhi demanded private banks to enhance credit offerings for poverty-alleviation schemes. Addressing banks like ICICI and HDFC, Majhi highlighted their subpar performance in welfare initiatives. Consequently, these banks were removed from the state's empanelled list. The banks agreed to improve loan distribution efficiency.

In a notable development, Odisha Chief Minister Mohan Charan Majhi called on major private banks to bolster their credit distribution to the state's underprivileged communities. During a meeting, Majhi urged financial giants such as ICICI, Axis, and HDFC banks to expand their lending reach as part of various welfare schemes.

Majhi's request came on the heels of observed inadequacies in these banks' contributions to welfare schemes like the Pradhan Mantri Rozgar Shrusti Yojana and PM Swanidhi Yojana. As a result, the state government recently removed these financial institutions from its empanelled list.

The banks acknowledged the chief minister's observations and committed to enhancing their loan distribution efforts. This collaboration aims to align with the central government's objective of increasing economic participation and income levels among the poor through accessible credit.

(With inputs from agencies.)