Banks to hold loan mela on Oct 3 in Rajamahendravaram

Kakinada: To increase Gross Domestic Product (GDP), the banks, including those in public and private sectors, have planned to organise loan mela on October 3 and 4 at Sri Venkateswara Anam Kala Kendram in Rajamahedravaram, according to State Level Bankers Consultative Committee (SLBC) Convener and also Andhra Bank Chief General Manager K V Nanchariah.

He told the reporters here on Tuesday the country's GDP had suddenly slumped to 5 per cent from 7 per cent. In these circumstances, the banks came forward to boost the GDP to at least 6.5 per cent by giving loans to retail sector, agriculture sector, for the purchase of vehicle, to MSMEs, education, housing, personal and others as per norms.

He said more than 35 banks would set up their stalls and conduct campaign and offer spot loans, if documents to the satisfaction of banks are submitted. He said this is a part of the systematic bank reform process as part of the efforts to take banks to the doorsteps of the people and increase ease of customer access and delivery of services.

He said the town hall meeting would be conducted in several cities to bring the banks to the doorsteps of the customers. He said more than Rs.33,000 crore of loans had been disbursed by all banks, including those in public and private banks sectors in East Godavari during the financial year 2018-19. He expressed concern over the default in payment of loans lent to a section of the beneficiaries. He said unless they repaid loans, the banks cannot offer loans.

State Bank India Regional Manager D Rajarao Mohan Rao said the bank had lent Rs 800 crore loans to self-help groups and the group members are also making repayment without giving any trouble. However, he said a group of members were not making use of the overdraft facility. Syndicate Bank Regional Manager Anand and others were present.