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  1. Banks should shed reluctance in lending to urban poor as recovery is 98%, says Venkaiah Naidu

Banks should shed reluctance in lending to urban poor as recovery is 98%, says Venkaiah Naidu

Reiterating the government’s top priority of eliminating poverty, Venkaiah Naidu today urged the commercial banks to shed their reluctance in lending to the urban poor, a government release said.

By: | Published: June 27, 2016 4:05 PM
He asserted that loan repayment by Self-Help Groups is 98% and hence, were most bankable and eligible for lending. He asserted that loan repayment by Self-Help Groups is 98% and hence, were most bankable and eligible for lending.

Reiterating the government’s top priority of eliminating poverty, Minister of Housing & Urban Poverty Alleviation Venkaiah Naidu today urged the commercial banks to shed their reluctance in lending to the urban poor, a government release said.

In his inaugural address at the National Conference on ‘Deendayal Antyodaya Yojana-National Urban Livelihoods Mission’, Naidu stressed the need for enhanced credit flow to the Self-Help Groups and for self- employment through individual and group enterprises under the Mission.

He asserted that loan repayment by Self-Help Groups is 98% and hence, were most bankable and eligible for lending. He expressed concern over inadequate credit linkages to such groups in the States in the Northern and Eastern regions of the country with the Southern states accounting for 62% of total credit linkage of Rs.3,173 groups advanced during the last two years under DAY-NULM. He highlighted the importance of supporting Self-Help Groups that are in the forefront of addressing poverty by taking up various economically productive activities through internal lending among the members.

“With several initiatives being taken to promote domestic and Foreign Direct Investment in various sectors, there is a vast scope for employment generation leading to increased demand for skilled manpower,” he said.

He further added that the government is committed to eliminating poverty by ‘skilling the unskilled, funding the unfunded and reaching the unreached’.

The Minister stressed on the need for convergence in implementation of skill development programmes and scaling them up in a convergence mode.

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