UP Chief Secretary Urges Banks to Expand Rural Reach and Boost Financial Inclusion
In a significant move to strengthen banking infrastructure across Uttar Pradesh, Chief Secretary SP Goyal chaired a crucial meeting of the state-level bankers' committee on Thursday. The high-level discussions focused on expanding banking services throughout the state and accelerating financial inclusion initiatives to reach underserved populations.
Emphasis on Rural and Remote Banking Expansion
The Chief Secretary emphasized that for banks to ensure sustained financial development, it is essential for them to significantly increase their presence in rural and remote areas while further strengthening their service delivery mechanisms. "Banks must prioritize expanding their footprint in underserved regions to bridge the financial access gap," stated Goyal during the meeting.
Support for Government Schemes and Entrepreneurship
Goyal specifically directed banks to provide quick and accessible loans to applicants under the state government's recently launched 'One District One Cuisine' scheme. This strategic financial support would empower entrepreneurs to promote local and traditional cuisines, thereby fostering economic growth and preserving cultural heritage.
The Chief Secretary outlined several key initiatives where banks need to increase their coverage:
- CM Yuva Scheme for youth empowerment
- ODOP (One District One Product) program
- PM Suryaghar solar energy initiative
- PM KUSUM agricultural solar power scheme
- Kisan Credit Card program for farmers
"All financial institutions must ensure that timely financial assistance reaches beneficiaries under these crucial schemes," Goyal emphasized.
Priority on Agricultural Sector Support
Recognizing Uttar Pradesh's status as an agriculture-dominant state, the Chief Secretary stressed that the agricultural sector should receive prioritized attention from banking institutions. "It is the fundamental responsibility of banks to provide accessible and timely loan facilities to farmers across the state," he asserted during the committee meeting.
Addressing Industrial Banking Challenges
The Chief Secretary also highlighted a concerning trend affecting the state's financial ecosystem. Despite rapidly growing industrial development in Uttar Pradesh, bank accounts of numerous industries continue to be operated in other states. This practice is adversely impacting Uttar Pradesh's cash-deposit ratio and limiting the state's ability to leverage local financial resources for development projects.
"We need to address this imbalance and encourage industries to maintain their banking operations within Uttar Pradesh to strengthen our financial infrastructure," Goyal noted, underscoring the importance of retaining financial resources within the state for sustainable economic growth.
The comprehensive discussions at the bankers' committee meeting reflect the state government's commitment to creating a more inclusive and robust financial ecosystem that supports both rural communities and industrial growth across Uttar Pradesh.
