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The chief minister of Tamil Nadu, MK Stalin, called for faster implementation of the credit goals set by banks and financiers to fund self-help groups and student education loans, according to a report in The Times of India. He voiced support for bankers’ engagement in bank-led district-level credit campaigns, particularly for loan advances to women’s self-help groups and education loans.
Referring to the crucial role of women-led self-help groups (SHGs) in Tamil Nadu, he stated the DMK’s rule was the “golden age” for SHG formation. He requested that banks reach a target of Rs 20,000 crore in bank credit for SHGs. So far, Rs 4,951 crore has been disbursed, and they have been requested to assist SHGs with the necessary counsel and support. Stalin stated that the state government will establish a credit guarantee fund to allow banks and other financial institutions to lend to MSMEs affected by the Covid-19 pandemic outbreak.
The CM also asked lenders to give 7.16 lakh farmers Kisan credit cards. There are 31.09 lakh credit card customers in the state.
In terms of agricultural loans, he stated that all types of banks, not just co-operative and commercial banks, had a duty to lend to farmers, who are the economy’s backbone.