Palnadu (Andhra Pradesh) [India], July 17 (ANI): More than Rs 3,200 crore in loans were sanctioned to 1.03 lakh beneficiaries under various Central government schemes during a Credit Outreach Programme held in Narasaraopeta, Andhra Pradesh, on Friday, as the government stepped up efforts to expand access to institutional credit for entrepreneurs, farmers and small businesses.

Union Finance Minister Nirmala Sitharaman handed over bank sanction letters to beneficiaries under schemes including the Pradhan Mantri Mudra Yojana, PM Vishwakarma, PM Surya Ghar and the Kisan Credit Card (KCC) in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu and other senior state leaders.

Addressing the programme, Sitharaman said the government's focus has been on strengthening financial inclusion while building a healthier banking system that enables wider access to formal credit.

'Through the Credit Guarantee framework, we have enabled first-time entrepreneurs and street vendors to access institutional credit. A stronger banking system now serves those who need it most,' she said.

She said small vendors had earlier depended on informal sources of finance to run their businesses, but government-backed credit guarantee mechanisms have expanded affordable institutional lending to vendors, artisans, fishermen and farmers.

Highlighting the significance of the programme, the Finance Minister said over Rs 3,216 crore had been sanctioned to more than one lakh beneficiaries in Palnadu district through the outreach initiative.

'India has moved from the era of 'Phone Banking' to people-centric banking, where credit reaches deserving citizens on merit,' Sitharaman said, urging beneficiaries to utilise the loans to expand their enterprises, generate employment and contribute towards the goal of Viksit Bharat by 2047.

During the programme, officials highlighted Palnadu's potential across agriculture, food processing, rice and dal milling, limestone processing, MSMEs and rural enterprises. They said the district's banking network comprises 296 bank branches, 301 ATMs and 3,125 business correspondents, helping extend banking services across the region.

Officials said the district has mobilised deposits of over Rs 14,000 crore while extending advances exceeding Rs 34,000 crore, resulting in a credit-deposit ratio of 242 per cent. They said the credit outreach programme was aimed at ensuring timely and affordable institutional credit reaches eligible entrepreneurs, farmers, women, youth and self-help groups, adding that banks in Andhra Pradesh would continue working with the Centre and the state government to support economic growth and the vision of Viksit Bharat. (ANI)