Palamu banks lag behind in loan advances, lagging behind in spending CSR funds: Finance Minister

 

Jharkhand/Palamu: Finance Minister Radha Krishna Kishore expressed concern over loan advance figures from various banks in the district. He found that the banks are also lagging behind in spending CSR funds in the district. The minister was speaking to reporters after attending the June quarter meeting of the District-Level Advisory Committee at the Palamu Collectorate on Thursday.

The Finance Minister stated that the State Bank of India has spent only ₹11 lakh in CSR funds. Other banks have zero figures. Local residents' money remains in banks, and the provision of spending 2 percent of profits from CSR funds is not met. A complaint will be filed with the RBI regarding this. Government funds are also deposited in banks. If not spent on social sectors, it could be considered for withdrawal.

The Finance Minister stated that ₹9,000 crore is deposited in Palamu banks, both government and non-government. 70 percent of this is to be used to promote loan advances to generate employment, but its CD ratio is only 41 percent. It should be at least 50 percent.

At the meeting, Palamu MP Vishnu Dayal Ram requested information on the previous financial year's achievements so that a comparative review could be conducted.

At the meeting, the Minister reviewed Micro, Small, and Medium Enterprises (MSMEs). He sought detailed information regarding which bank provided the largest loan to which firm under MSME, and whether the firm was local or not. It was reported that Axis Bank provided the largest loan, a total of ₹6 crore. Against the target of ₹65,739 lakh for the MSME financial year 2025-26, an achievement of ₹35,504.85 lakh has been achieved.

The meeting was chaired by Deputy Commissioner Sameera S. The Deputy Commissioner reviewed other schemes including Kisan Credit Card, Pradhan Mantri Jan Dhan, Pradhan Mantri Mudra Loan, Security Insurance, Jeevan Jyoti, Dairy Loan, Poultry Farming etc.