Raising the deposit-to-credit ratio to 60% in five years: Yogi to bankers
Chief Minister Yogi Adityanath on Thursday instructed bankers to set higher Credit Deposit (CD) ratio targets and move from 53% to 55% in one year and 60% over the next five years in l ‘Uttar Pradesh.
He said the state government will soon launch a new program to connect every family to a job or make the same self-sufficient.
“We should make efforts to increase the CD ratio from 53% to 55% over the next year and set a target to raise the CD ratio to 60% over the next five years. This will help build people’s confidence in banking institutions,” Yogi said, while launching an annual lending program to disburse loans from ₹2.35 lakh crore in 2022-2023 in the presence of representatives of nationalized banks.
He dwelt at length on the conditions he said prevailed in Uttar Pradesh before his government was installed in 2017. He said the state government wanted more loans to be disbursed to the people of the state.
“But no one knew how much to shell out. The state government has initiated loan melas to increase the CD ratio. UP has organized loan melas even during the Covid-19 period. Our CD ratio is now down from 46% to 53%,” he said.
Yogi took the opportunity to inaugurate five Joint Facilitation Centers set up in Agra, Ambedkarnagar, Sitapur, Azamgarh and Siddharthnagar to give a boost to local products and talk to entrepreneurs and artisans in these neighborhoods.
He disbursed loans of ₹16,000 crores to 0.19 million entrepreneurs, artisans and workers, beneficiaries of Prime Minister Mudra Yojana and other government programs during the virtual MSME Loan Mela here on Thursday. A memorandum of understanding between the state government and Amazon was signed on the occasion to link the ODOP program to e-commerce.
Apart from holding loan melas, with the next scheduled before September 25, he said the state government will soon launch new programs to connect every family to a job and return the same to self-reliance.
“We are bringing in a new diet. We will launch a family card for families who have not benefited from a job or who have not become independent. We will map these families to link them to a job or make them self-sufficient. Bankers will play a major role in this,” he said. Yogi said educational institutions remained indifferent to government programs and this deprived people of their benefits.
“Our educational institutions should remain indifferent to government programs. It should be mandatory for them to connect to central and state government programs to connect youth to jobs and empower them. Banks should also have information about these schemes,” he said.
Yogi said the state is facing challenges on various fronts and the unemployment rate was above 18% before but has been reduced to less than 3%.
“The previous government had no interest in implementing major programs. He had no interest in implementing the Namame Gange or other programs. There was no policy to revive the rivers. There was no shortage of funds or lack of cooperation from the Center. The state government lacked will… We launched the One District One Product (ODOP) program on January 24, 2018. We did so after formulating an action plan. We were sure that this program would make the state an export hub. Uttar Pradesh was exporting ₹80,000 crore till 2016. Now we have ₹1.56 lakh crore exports from Uttar Pradesh,” Yogi said.