Banks should sanction loans to eligible farmers within 15 minutes of their application: Andhra CM

Amaravati, Feb 10 (PTI) Andhra Pradesh Chief Minister N Chandrababu Naidu on Monday said that banks should be able to sanction loans to eligible farmers within 15 minutes of applying.

The chief minister made this observation at the Secretariat during a State Level Bankers’ Committee (SLBC) meeting in Amaravati, adding that lenders should encourage agriculture and allied activities.

“A situation should arise where farmers meeting all eligibility criteria are sanctioned loans within 15 minutes of applying,” Naidu said in an official release.

Observing that eating habits in the state are changing, leading to shifts in farming patterns, the CM said that banks should be aware of these developments and adapt their credit operations accordingly.

According to the TDP supremo, horticulture is gradually replacing traditional agriculture, and he urged banks to liberally offer loans to horticulturists, including those cultivating commercially important crops.

Similarly, Naidu said that banks should not only provide loans, but also promote newer agricultural techniques, including natural farming.

Furthermore, the CM emphasised that Andhra Pradesh should not witness farmer suicides and called for proactive measures to prevent such tragedies.

He also urged banks to cooperate with investigative agencies probing irregularities from the erstwhile YSRCP regime by providing necessary information.

Additionally, Naidu appealed to banks to collaborate with the TDP-led NDA government’s Swarna Andhra 2047 vision, which aims to achieve a 15 per cent annual growth rate and a GSDP of USD 2.7 trillion.