Union Bank of India MD & CEO praises CM Jagan for AP’s steady growth

Praising the state of Andhra Pradesh for its steady growth under the visionary Chief Minister Y S Jagan Mohan Reddy, Union Bank of India MD & CEO A. Manimekhalai said the state is growing rapidly on all fronts be it social, economic, or developmental activities during the SLBC meeting held in camp office at Tadepalli on Friday.

Addressing the meeting which includes bankers from various private and government banks, Manimekhalai said, “Aftermath of COVID-19, normalcy has prevailed, and economy is treading on a rising trajectory. Further, the districts reorganization decision of our dynamic CM is certainly a laudable step, helping further decentralization of the administration thereby boosting development in the State on all fronts.”

She also appreciated the State for maintaining the top slot for 3 years in a row, in terms of Ease of Doing Business, which could establish the most congenial environment for industrial development ushering in new business avenues for the Banks.  

“It is marvelous to know that AP state has recorded 11.43% GSDP growth, the highest in the country during FY 2021-22 despite COVID blues. The recently concluded Global Investors Summit has received Rs 13 lakh crores investment proposal in the state giving impetus to industrial development resulting in vast employment opportunities to people of the state,” said Manimekhalai.     

“The 970km coastal line of the state, second largest in the country is a beacon of rich source for seaport activities, thus ample scope for export credit for the Banks”, she added.

Lauding the efforts of Andhra Pradesh under CM Jagan for launching numerous welfare and developmental schemes like YSR Cheyutha, Jagananna Thodu, AP TIDCO Housing (PMAY), etc, Manimekhalai said that the schemes are reaching down to the last mile in an extremely transparent, seamless and efficient manner, which contributing in an increase of family income levels thereby generating transformative changes in the lifestyles of the weaker section people.

“Village Secretariat and Rythu Bharosa Kendras at gross root level have been bringing paradigm change in the rural economic landscape in the state, these exemplary initiatives received laurels even from international institutions,” says Manimekhalai.  

She also noted the unprecedented infrastructure development activities particularly in the Medical and Education sectors under Nadu- Nedu and highlighted that AP would become a behemoth state in the country in Medical infrastructure very soon.      

The umpteen farmers’-oriented schemes Viz.  Dr. YSR Free crop insurance, free power subsidy, YSR Rythu Brosa, Sunna Vaddi Pant Rarunalu branding the AP as a model State in the country as far as farmers' welfare is concerned.

The scale of implementation of many reformative and transformative schemes and developmental initiatives enhanced the brand image of Andhra Pradesh state and stood as a standout in the country. “Allied agriculture sector is also a significant source of income for the farmers apart from crop production, therefore I urge the attention of all bankers present here to accord sanction of All pending KCC- Animal Husbandry and Fishery applications mobilized during the special KCC district level campaign,” Manimekhalai added.

She also requested her fellow bankers to achieve 100% digital transformation in 17 districts while appreciating them for achieving in 9 districts.

She also highlighted that Andhra Pradesh is having banking outlets 1,12,419 (Bank Branches-7769, ATM 10553 & BCs 94097)  covering a wide network of 64% bank branches in rural and semi-urban areas within which Union bank has 1171 Branches, 1614 ATMs, 2097 BC, 7 FLC, 9 RSETIs, 2 DBU and acting as Lead Bank in 14 District out of total 26 Districts.

“I’m glad to see that banking sectors in the state of Andhra Pradesh have surpassed all the regulatory norms in all sectors. Banks have achieved 99% under the priority sector, 105% under the Agriculture sector, and 106% under the MSME sector as on December 2022 against the Annual Credit Plan target for the current financial year 2022-23,” revealed Manimekhalai.

She also asked the bankers to take serious attention to the action points of this meeting for implementation in letter and spirit to reach the expectations of the Government. “On behalf of the banking fraternity, SLBC of AP is assuring that we extend fullest support and cooperation to the State Government and our active participation in Sate Development would be our utmost priority,” Manimekhalai said in her remark.