CM, Sitharaman Distribute Rs.3,216 Crore Loans in Palnadu

Narasaraopet: Chief Minister N. Chandrababu Naidu and Union Finance Minister Nirmala Sitharaman on Friday distributed loans worth Rs.3,216 crore to 1,03,246 beneficiaries during the Mega Credit Outreach Programme jointly organised by the Union Ministry of Finance and Public Sector Banks in Palnadu district.

The beneficiaries included 15,000 DWCRA women and 13,355 entrepreneurs, with the initiative aimed at improving access to institutional credit for farmers, students, women and small businesses.

Addressing the gathering, the Chief Minister said Palnadu should emerge as a major destination for entrepreneurs and stressed that banks are key partners in Andhra Pradesh's development. He said the government is committed to ensuring that every eligible individual has access to affordable credit.

Naidu said Andhra Pradesh had faced financial challenges in recent years but was now receiving strong support from the Centre for projects including Amaravati, Polavaram and the Visakhapatnam Steel Plant. He announced that the State would receive Rs.7,707 crore under the VBG RamG programme and Rs.40,000 crore for developing Rayalaseema as a horticulture hub.

Praising Union Finance Minister Nirmala Sitharaman, Naidu said she had played a key role in strengthening India's banking sector through reforms, digital banking expansion, Jan Dhan Yojana, GST rationalisation and tax transparency. He also announced that similar Mega Credit Outreach Programmes would soon be organised in six more districts before becoming a quarterly initiative across the State.

Union Finance Minister Nirmala Sitharaman said Prime Minister Narendra Modi envisions banking services reaching every village in the country. She noted that while banks had struggled with high non-performing assets in the past, government-backed guarantee schemes had enabled easier access to credit for small entrepreneurs.

She said banks are now proactively reaching beneficiaries and extending loans at their doorstep, helping strengthen entrepreneurship and financial inclusion.

During the programme, the Chief Minister and the Union Finance Minister distributed loan sanction letters and cheques to beneficiaries.

As part of CSR initiatives, Union Bank of India donated an ambulance worth Rs.42.16 lakh to the Government Hospital at Piduguralla. NABARD provided two mobile demonstration vans worth Rs.25 lakh to the District Cooperative Central Bank, while 301 bicycles worth Rs.17.80 lakh were distributed to girl students. A regional rural bank also donated two battery-operated vehicles worth Rs.14 lakh to the Tourism Department, and free tricycles were distributed to persons with disabilities.