Avail Loans In The Blink Of An Eye: Union Minister Dharmendra Pradhan

Bhubaneswar: In just 30 seconds, Self Help Groups (SHGs) can avail loans up to Rs 50,000 while bank customers can get loans amounting to Rs 1 crore within 59 minutes, announced Union Minister Dharmendra Pradhan today at the launch of mega customer outreach initiative, ‘Grahak Mela Camp' in Bhubaneswar by various nationalised banks.

The initiative organised by Department of Financial Services under Ministry of Finance will provide easy access to credit and other banking facilities apart from enrolling customers in various social security schemes.

Speaking at the mega event, Pradhan mentioned, "Under the leadership of PM Narendra Modi, banking sector is becoming people friendly. People can now avail Mudra loans in 30 seconds. To make the economy more vibrant and further boost economic growth, Modi government recently infused Rs 70,000 crore in state-owned banks to provide finance to common people. Economic reforms like lowering Corporate Tax have been taken to accelerate growth in manufacturing clusters."

According to sources, Rs 166 crore was disbursed to around 2600 people at the camp seeking credit for personal, housing and educational needs.

"I am glad to know that 22 banks and 2 Non Banking Financial Companies (NBFCs) have participated in this outreach initiative today and provided loan and credit facilities to individuals, MSMEs & SHGs," the Union Minister said.

Further requesting the banks to handhold SHGs and help them in capacity building, Pradhan informed, "Rs 2 lakh crore loan has been disbursed to various sectors in Odisha including Rs 36000 Crore to Self Help Groups and the SHGs in Odisha have paid back their entire loan. It is heart-warming to know that, SHGs in Odisha have zero non-performing assets."

Pradhan also urged the bank officials to open more branches of nationalised banks in Odisha to ensure that banking services reach the unbanked.

While interacting with the people at the Grahak Mela camp, Pradhan insisted them to adopt digital payment methods for more convenient banking.