Support govt-guaranteed loans for small borrowers, CM to Banks

Chief Minister of Gujarat Bhupendra Patel urged banks to accelerate the processing of loans for beneficiaries, particularly small traders and farmers, under government-guaranteed schemes.While, addressing the  State Level Bankers' Committee (SLBC)meeting in Gandhinagar on Thursday, Patel emphasized that programs such as PM SVANidhi, which supports small traders and street vendors, and the Kisan Credit Card scheme for small farmers, are backed by government guarantees. He asked banks to overcome any hesitations regarding loan security and expedite the disbursement of funds.Patel emphasized the importance of supporting these vulnerable groups, particularly those affected by recent floods.
The Chief Minister highlighted the critical need to ease access to credit for youth-led startups, stressing that young entrepreneurs should have greater opportunities to secure loans. Patel's call to action comes as part of a broader initiative to ensure that financial support reaches those who need it most, especially in areas with limited banking services, such as Aspirational Districts.
On this occasion, Chief Secretary Raj Kumar reiterated Gujarat's goal of achieving a $3.5 trillion economy by 2047. He underscored the critical role banks will play in reaching this milestone and encouraged the SLBC to consider innovative ways to strengthen the financial system in support of the national economy. He also urged banks to assist small traders and businesses in recovering from the recent floods and to improve the credit ratio in areas with limited access to banking services, particularly in Aspirational Districts, highlighting Gujarat's goal of achieving a $3.5 trillion economy by 2047.
in the meeting,key financial strategies and the expansion of banking services to underserved communities were discussed. The meeting focused on enhancing credit access for small traders, farmers, and startups, with an emphasis on the crucial role banks play in driving Gujarat's economic growth and supporting the government's vision for a prosperous Viksit Bharat by 2047.

(State Correspondent)