An emergency meeting of the State level Bankers’ Committee (SlBC) was convened on Monday under the chairmanship of Additional Chief Secretary, Finance Upendra Nath Behera for intervention of the banks in the Phailin and flood-affected areas regarding relief and restoration measures.
Behera stressed on conversion of short-term loan to medium-term loan at the rate of 5 per cent interest per annum and 2 per cent per annum to farmers making prompt payment of short-term crop loan as this would enable the farmers to avail fresh crop loan.
He also advised the commercial banks, Regional Rural Banks and cooperative banks for restructuring and rephrasing of the existing loans to farmers in the affected areas as per the RBI guidelines. He also wanted that fresh loan to be sanctioned for resumption of normal activities.
Focusing on Rabi crop loan, Behera advised the banks to achieve the annual target of crop loan and term loan of agriculture including allied sector positively. Any shortfall in Khariff finance would be made good in Rabi finance, he added.
The banks were also asked to implement the RBI guidelines with regard to the rehabilitation package in respect of micro, small and medium enterprises (MSMEs). It was decided to expedite the credit delivery to the affected people by organising special camps by the line departments of the Government in coordination with the banks.
The banks were advised to issue instructions to their branch-level functionaries for implementation of the action points that emerged at the meeting. It was also decided to hold monthly review meetings at the State as well as district levels for close monitoring of the progress of implementation of the relief and rehabilitation measures to be undertaken.
Among others, SlBC Convener SP Singh, RBI Regional Director PK Jena, Institutional Finance Director DK Singh, Secretaries of the Agriculture, Fisheries & Animal Resources Development and Cooperation Departments, senior officers of Panchayati Raj and MSME Departments, Chairmen of Odisha Gramya Bank and Utkal Gramya Bank and MD of Odisha State Cooperative Bank attended present the meeting.