Special Correspondent

It will help in proper implementation of welfare schemes: Hemachandra

‘Help beneficiaries to open zero balance accounts’

Major changes in functioning of lead banks soon

SHIMOGA: Chief Executive Officer of the zilla panchayat A.B. Hemachandra said on Thursday that banks should increase their quantum of loans to the priority sector to ensure proper implementation of welfare schemes.

Presiding over the quarterly district-level review meeting of banks convened at the district lead bank (Canara Bank) here, he said that agriculture, irrigation, education, employment and business were some of the areas in the priority sector which needed to be financed more to ensure the economic development of the district. He asked the banks to help beneficiaries to open zero balance accounts as their wage was being paid through cheques under the National Employment Guarantee Scheme. He suggested setting up a subcommittee to look into complaints that disbursement of wages by some banks was being delayed.

Assistant General Manager of the Reserve Bank of India R. Shekar said that the achievement of banks in Shimoga district in the priority sector was nearly 74 per cent which was better than the State’s average.

He said financial literacy and financial counselling had been taken by 17 lead banks in the State in the interests of farmers.

He said that the Reserve Bank of India had decided to introduce major changes in the functioning of lead banks by giving them more powers to show better results. Assistant General Manager of NABARD Krishna gave details about government-sponsored welfare programmes.

Assistant General Manager of the lead bank B. Venugopala Shetty welcomed the gathering. District lead bank manager Seetharam Bhat explained the performance of various banks.