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Time of India

CM asks private banks to boost loan disbursement to poor

Bhubaneswar: In a move aimed at enhancing financial inclusion, chief minister Mohan Charan Majhi on Tuesday urged representatives from ICICI, HDFC and Axis Banks to increase loan disbursements to economically disadvantaged individuals under various govt welfare schemes. This call to action follows a recent decision by the state govt to remove these banks from the empanelled list for govt departments' deposits due to their poor performance in implementing welfare schemes. During a meeting at Lok Seva Bhavan, Majhi highlighted the critical role banks play in the success of govt welfare initiatives. He emphasised the need for these financial institutions to actively participate in schemes such as agricultural loans, the Prime Minister's Employment Generation Programme (PMEGP), PM SVANidhi Scheme, Stand Up India Scheme, as well as housing, educational and export loans. The CM expressed concern over the banks' poor performance in Odisha, which led to their removal from the empanelled list on June 21. He stressed the importance of involving the poor in economic activities through accessible loans, thereby boosting employment and economic growth. In response, representatives from the three banks assured the CM of their commitment to improving loan disbursement under these schemes. They pledged to enhance their performance and support the govt's efforts to uplift the economically weaker sections of society. The meeting was attended by key officials, including Axis Bank's Executive Director Munish Sharda, HDFC Bank's Country Head (Govt and Institutional Business) Smita Bhagat, and ICICI Bank's Sumit Mehrotra. The CM's principal secretary, Shashwata Mishra, provided insights into the banks' current performance. The govt had on June 21 removed these banks from those authorised to handle business and deposits of state govt organisations. This decision had come in response to the banks' persistent poor performance in key govt schemes over the last two fiscal years, besides unsatisfactory general banking parameters. Get the latest lifestyle updates on Times of India, along with Doctor's Day 2025 , messages and quotes!