Narasaraopet to host ₹2,000 crore mega loan mela on July 17: MP

Narasaraopet MP Lavu Sri Krishna Devarayalu on Wednesday announced that a mega credit outreach programme to improve access to institutional finance for economically weaker sections, farmers, small traders and aspiring entrepreneurs will be held at Narasaraopet on July 17.

Addressing a press conference in Guntur, the MP said the programme, to be attended by Union Finance Minister Nirmala Sitharaman and Chief Minister N. Chandrababu Naidu, is expected to facilitate the disbursal of nearly ₹2,000 crore in loans under around 20 Central government schemes. About 3,000 beneficiaries from across Palnadu district are expected to participate.

Mr. Devarayalu said he had been pursuing the proposal with the Union Finance Minister for the past two years to improve access to institutional credit in the backward district. He said many eligible beneficiaries continued to rely on private moneylenders because of difficulties in obtaining bank loans and inadequate awareness of government welfare and credit-linked schemes.

He said the initiative would promote cluster-based women’s groups in all 28 mandals and expand the PM Surya Ghar programme through village clusters. He also announced that, for the first time in Andhra Pradesh, eligible tribal landholders would be able to avail themselves of bank loans against their agricultural lands.