Banking sector crucial for state’s economic growth: Deputy CM Bhatti

The banking sector plays a vital role in driving the state’s economic progress, said Deputy Chief Minister Bhatti Vikramarka. He was speaking at the 47th quarterly meeting of the State-Level Bankers’ Committee, where discussions were held on new policies required for Telangana’s long-term development.

The Deputy CM announced that the “Telangana Rising 2047” celebrations, scheduled for December 8 and 9, will outline a new vision for the state’s future. As part of the event, the government plans to unveil key policies aimed at accelerating development. He added that a roadmap toward achieving a three-trillion-dollar state economy - requiring a 13% annual GDP growth rate - will also be released.

Emphasizing employment generation and wealth creation, Bhatti urged banks to adopt a more proactive approach. He called for a significant expansion of credit to self-help groups as well as micro, small, and medium enterprises (MSMEs). Strengthening agriculture remains a priority, and he encouraged banks to increase term lending, especially for post-harvest infrastructure.

With the construction of 13,000 kilometers of internal roads progressing rapidly, the meeting also highlighted the need for greater bank participation in infrastructure financing. In addition, banks were asked to further promote digital payments and address gaps in schemes such as Pradhan Mantri Jan-Dhan Yojana (PMJDY) and insurance coverage.

The Deputy CM noted that the meeting reaffirmed the commitment of both the government and the banking sector to work collaboratively and build a strong foundation for Telangana’s economic advancement.