Odisha Chief Minister Demands Enhanced Loan Disbursal from Private Banks for Welfare Programs

Mohan Charan Majhi, the Chief Minister of Odisha, convened a meeting with ICICI Bank, Axis Bank, and HDFC Bank, pressing them to improve their loan disbursal rates within the state’s welfare schemes aimed at assisting the impoverished. The discussions, which took place at Lok Seva Bhawan, highlighted the vital role banks play in the execution of these schemes, especially those that rely on credit to help the poor. Majhi emphasized the critical importance of these loans for promoting economic inclusion and creating jobs. He directed the banks to boost lending to the poor and warned them against ongoing poor performance. The banks were previously removed from the state government’s approved list on June 21 due to their unsatisfactory performance under schemes such as PMEGP, PM Swanidhi, Stand-Up India, and agri, housing, and education loan programs. The banks have assured the CM they would improve their performance and expedite loan disbursal.