TN CM asks banks to join hands with govt to enhance livelihood of the poor

Chennai, Oct 25 PTI Tamil Nadu Chief Minister M K Stalin on Monday said the coming days would be challenging to the economy of the State due to the impact of the Covid-19 pandemic and appealed to banks to join hands with the government to enhance the livelihood of the poor.

Chennai, Oct 25 (PTI): Tamil Nadu Chief Minister M K Stalin on Monday said the coming days would be challenging to the economy of the State due to the impact of the Covid-19 pandemic and appealed to banks to join hands with the government to enhance the livelihood of the poor. Addressing representatives of the banks and financial institutions at the first State Bankers' Meeting here at the Secretariat, Stalin extended his gratitude to the bankers since it was the first such meeting being held after DMK government assumed office on May 7. Exuding confidence that the meeting between government and the bankers would mark a good beginning to the development of the State, he said, ''Banks hold a vital place in executing the government policies and schemes. Your contribution is much valuable amid this pandemic times.'' The Chief Minister said the meeting was organised to boost the economy and to increase loans for government departments which play a role in the progress of the State. The impact caused by the pandemic has been huge, and the government has provided Rs 4,000 as financial assistance to safeguard the livelihood of the poor, he said. ''The coming days will be challenging in terms of reviving the economy. I appeal to banks to join hands with the government to enhance the livelihood of the poor,'' he said. Referring to the micro, small and medium enterprises (MSMEs), he said the government has made several announcements to support the industry and added that a credit guarantee fund would be set up to enhance the financial assistance from the banks to the MSMEs. ''MSME sector was hugely impacted by the pandemic and reviving this industry is a top priority for this government. I appeal to banks to extend their support,'' he said. On educational loans, he said the banks should provide the financial assistance to students from the backward classes towards ensuring quality education for all. Also, Stalin asked the banks to expedite clearance of 104 pending applications from the food storage industry seeking assistance.

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