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Odisha govt signs MoU with 3 banks for direct transfer of MGNREGS cash

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Odisha Sun Times Business Bureau
Bhubaneswar, Aug 18:

The Odisha government today signed a MoU with all nationalized, private and cooperative banks operating in the state for direct transfer to funds to the accounts of MGNREGS beneficiaries.

SLBCThe MoU was signed at the State level Bankers’ Committe (SLBC) meeting at the State Secretariat here.

Speaking on the occasion, Finance minister Pradip Amat urged banks to expedite financial inclusion by bringing uncovered villages and households into its fold and enhance credit and its utilization in the sate during the current fiscal.

Addressing the meeting, chief secretary GC Pati advised banks to utilize credible primary cooperative societies, women self-help groups, common service centres, rural post offices and PCOs as bank correspondents in uncovered remote areas; make the state self-sufficient in freshwater fish production and ensure credit flow to this sector to generate more employment opportunities for the youth.

He also asked the banks to make a realistic assessment of the sickness of MSMEs as per RBI guidelines and take necessary steps for activating these units.

In his address, additional chief secretary, Finance, UN Behera asked the banks to report correct data about credit and deposit (CD) ratio as the figures given by them often do not tally with reports of RBI.

The number of bank branches in Odisha has increased to 4338 by June this year with a growth rate of 12.90 percent over the corresponding period last year. Of the 4338 branches, 2372 branches are in rural areas, 1150 in semi-urban areas and 816 in urban areas.

Deposits have also increased to Rs 170527.24 crore with a growth of 13.66 percent over the same period last year.

Though the CD ratio has been around 79 percent in the current fiscal, it has shown a decreasing trend of around 7 percent over last year.

Besides, loans to MSMEs, minority communities and weaker sections have increased by 13, 12 and 16 percent respectively, the meeting revealed.