Union Minister of State for Home Affairs G Kishan Reddy addressed the customer outreach program event organized by the Bank of India in Hyderabad and said the central government is working hard to ensure the reach of the welfare schemes to the poor.
"The central government is working hard to reach the welfare schemes to the poor. With the implementation of GST, the prices of essential commodities have come down and black money has been returned to the banks after the cancellation of big notes."Small and medium-sized merchants were being introduced through the Mudra Loans. The Prime Minister-led union government is aiming to grow as $ 5 trillion economies, in this way, we are helping small traders by providing them with a credit to grow their businesses. All the queries will be addressed at the stalls that are set up here," he added.
The customer outreach initiative is a step taken by the government to take banking to the general public and enhancing their awareness regarding banking products available and to ensure credit off-take as quickly as possible to overcome the inactiveness in credit growth. It will also provide an opportunity for customers to meet bankers at one-stop for their need-based loans. One of the vital objectives of the program is to identify bank priorities for the $ 5 trillion economies. The inspiration behind this program is to show the capacity of the Private Sector Banks (PSBs) and the willingness to fund all sectors of the economy.
Dharmendra Pradhan, Union Minister for Petroleum and Gas on Friday launched the Customer Outreach initiative, 'Grahak Mela camp' by several national banks. This enables the Self Help Groups (SHGs) to avail loans of Rs.50,000 within 30 seconds and bank customers can get loans of up to Rs. 1 crore within 59 minutes from these centers. He further asserted that bank defaulters cant escape from the Modi government as the administration has taken effective steps to tackle them.
(With Inputs from ANI)