Odisha Govt Asks Banks To Expedite Loans To SHGs In FY 2023-24

Bhubaneswar: The Odisha government has asked the banks to expedite the loans to Self-Help Groups (SHGs) to meet the target in financial year 2023-24.

During a high-level review meeting of loan disbursement to SHGs, it was revealed that the Mission Shakti department had set a target to provide Rs 15,000 crore loan in the financial year.

The banks have sanctioned loans amounting to Rs 5,763 crore to 45,046 SHGs by September, achieving 38.43% of the target. While the average loan disbursement to SHGs was Rs 3.81 lakh, the department has planned to increase the amount to Rs 4 lakh, sources said.

While the commercial banks have provided over 50% of the loan, the private banks are yet to make much progress. Ganjam district topped in the state in achieving 59.47% of loan target, followed by Deogarh with 52.7% and Mayurbhanj 51.53%.

Finance Secretary Vishal Kumar Dev and Mission Shakti Secretary Sujata R Karthikeyan appealed to the banks to expedite the process to sanction loan to SHGs under 5T Initiative to meet the target.