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    Farmers and street vendors face challenges as banks hesitate to provide loans in Mahbubnagar

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    The District Collector of Mahbubnagar, G Ravi Kumar, expressed disappointment that only 51.6% of the agricultural loan targets for the year 2023-24 had been met. The amount disbursed was only Rs. 2224.86 crore out of the target of Rs. 4333.58 crore.

    During a meeting with district bankers, Collector G Ravi Nayak asked for explanations regarding the low disbursement of agriculture and micro loans to street vendors in the district. He stressed the importance of prioritizing the financial sector and urged banks to conduct financial awareness camps to protect residents from moneylenders.

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    In reviewing the achievements against the annual loan plan for 2023-24, the Collector noted that only 51.34% of the set target had been achieved in the agriculture sector, with Rs. 2224.86 crore disbursed as of September. For agricultural crop loans, 106.7% of the target was achieved, with Rs. 1453.82 crore disbursed out of the earmarked Rs. 3162.45 crore.

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    The Collector directed bankers to pay special attention to the remaining loans under the priority sector. They were also instructed to provide data on any changes in beneficiaries’ lifestyles after receiving loans and information on loans given in the past five years under the State Bank of India’s Rural Self-Employment Training (RSHTI) program.

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    Furthermore, the Collector mandated bankers to provide loans to all street vendors identified through the Mission for Elimination of Poverty in Municipal Areas (MEPMA). Out of the 15,905 street vendors earmarked for loans within municipality limits, only 8,000 had received loans, leaving 7,000 pending. In the second phase, out of the 9,826 identified vendors, only 1,028 had been granted loans.

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    Rajesh M
    Rajesh M
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